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ASX Announcement – 31 August 2020

Mali Lithium to become a gold producer by acquiring the Morila Gold Mine in Mali

• Agreement signed to acquire an 80% interest in Morila from Barrick and AngloGold for an estimated US$22-27 million (consideration finalised at closing – see Transaction Overview)

• The acquisition is subject to securing acquisition finance and no objection from government; the parties are targeting completion by the end of October 2020

• Morila is a world class asset that has produced in excess of 7.4 million ounces of gold over 20 years from a 4.5 million tonne per annum plant

• Morila is currently producing gold from hydraulic mining and processing of tailings and will provide cashflow from completion of acquisition

• Immediate potential to increase production from 3 satellite pits

• MLL estimate the Inferred Mineral Resource adjacent and beneath the Morila pit at 32 million tonnes at 1.26 g/t gold for 1.3 million ounces contained gold within a conceptual US$1250 per ounce gold pit shell and above a 0.5g/t gold cut-off

• A new Mineral Resource Estimate update and a new mine plan are being prepared using prevailing gold prices and existing data for Morila, its satellite pits and MLL’s Koting deposit on the adjacent Massigui Project

• Drilling to upgrade and extend Mineral Resources at Morila and its satellite deposits will commence as soon as practical

• Little extension drilling has occurred at Morila in the last decade to follow up hits such as 56m at 4.97g/t gold

• Acquisition will consolidate 685km2 of highly prospective tenure for MLL to pursue exploration

Mali Lithium Limited (ASX:MLL) (MLL or the Company) is pleased to announce the signing of an agreement to acquire, subect to the fulfilment of certain conditions, an 80% interest in the Morila Gold Mine (Morila) in south-west Mali from Barrick Gold Corporation (Barrick) and AngloGold Ashanti (AngloGold). See below for disclaimer. Executive Chairman of the Company, Dr Alistair Cowden commented: “Morila is one of West Africa’s great gold mines and we are excited and privileged to acquire a mine of Morila’s calibre with its past production plus Mineral Resources (gold endowment) of 8.7 million ounces of gold. This is truly a transformative transaction for the Company as we become a gold producer. “We have a unique advantage as the newest gold producer on ASX as Morila has all the infrastructure required of an operating remote gold mine as well as the expertise of the operating team. We will benefit from the substantial sunk capital invested by the previous owners over the last twenty years. Important disclaimer: Information in this release to ASX as it relates to the Morila gold mine is sourced from public records or from

information compiled by MLL during its due diligence. Neither Barrick Gold Corporation, AngloGold Ashanti Limited (together the Vendors) or Morila SA have authorised this Release, take responsibility for, or make or purport to make, any statement in this Release. The Vendors do not make any representation, assurance or guarantee on the accuracy of the information disclosed in this Release.

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Mali Lithium Limited (ASX: MLL) E: [email protected] T: +61 86419 6100 2

“We plan to use the cashflow from the current tailings retreatment at Morila to ramp up the operations through recommencing open pit mining as soon as practicable. We are already working on defining larger Resources and Reserves that may support a long mine life at higher rates of gold production through a restart of mining. “It is a truism that the best place to find gold is in the shadow of the headframe and Morila has immediate upside without the need for drilling by modelling existing data; in addition, the depth and lateral extensions to this monster mine are not well understood. As we learn about the deposit, it is our intention to aggressively invest in drilling with the aim of building a large resource base to support a long mine life. “Our current intention is that all employees at the mine will retained and it is our hope that we can support the local community through additional employment opportunities as operations scale up. “We have a second world class asset in the Goulamina Lithium Project (Goulamina), however, Morila and Goulamina will benefit from a sharp individual focus. We will soon complete the Definitive Feasibility Study for Goulamina and then we will undertake a strategic review to investigate the optimum path to maximise the value of Goulamina for shareholders.”

Figure 1: Morila pit in foreground, in background from right to left; ROM Pad, primary crusher, processing plant Rationale for the Transaction The acquisition of the Morila Mine will instantly transform MLL into a cash generating gold producer. The mine is forecast to produce approximately 26,350 ounces of gold from November 2020 to the second quarter of 20211 and there is excellent potential for near term growth in production and mine life.

• Morila is a world class, cash generating asset that has produced over 7.4 million ounces of gold to the end of 2019. Past production is from AngloGold, Randgold Resources (Randgold) and Barrick public disclosure from 2000 to the present day and from Morila SA records (see figures 3 to 6 below).

• The Inferred Mineral Resource Estimate is beneath and around the Morila main pit alone. It is 32 million tonnes at 1.26 g/t gold for 1.30 million ounces of contained gold a lower cut-off grade of 0.5g/t gold, is constrained by a US$1250/ounce pit optimisation and above a lower cut-off grade of 0.5 g/t gold2. This would underpin a substantial, long term gold operation.

1 The production forecast is derived from Morila SA internal documents, see pages 5 and 6 of this release for detail 2 See pages 6 and 7 and Appendices 3 and 4 for details

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• Morila is currently producing at an annualised rate of up to 50,000 ounces recovered gold from tailings,1 however the Company plans to grow production from re-commencing open pit mining at satellite pits and Morila itself.

• Importantly, in the period between settlement and the completion of the tailings treatment operations at the end of the second quarter of 2021, the operations are forecast to generate approximately US$17 million (A$24 million) of after tax cashflow assuming a gold price of US$1850 per ounce. That cashflow will be applied to confirmation, infill and extension drilling of Morila and its satellites and, if warranted, the ramp up of production through the restart of mining at the satellite pits.

• Processing of ore from Morila and its satellites and tailings has been straightforward with free milling ore with a significant portion of gravity recoverable gold. Historic gold recoveries from Morila ore were 91% or better.

• Morila has immediate upside without the need for drilling through re-modelling existing data at the prevailing gold prices. MLL has identified significant potential at shallow depth at the Morila pit and its satellites, not previously pursued at lower gold prices. This work is in progress.

• Morila is adjacent to the Company’s Massigui Project, where MLL has successfully explored for gold for nine years. Previous discoveries on MLL’s tenure have supplied ore to the Morila plant and generated revenue for the Company via a royalty. Owning Morila will unlock value in existing gold discoveries, targets and exploration potential at Massigui.

• Multiple high-value exploration targets surround the mine and will be the focus of systematic investigation. The acquisition consolidates 685km2 of land in one of West Africa’s most prolific gold belts.

• Considerable sunk capital reduces the cost and risk of the operation whilst also providing a strategic advantage. Morila has a substantial drill database and all infrastructure required for a self-sufficient remote site. The plant alone, with an historical throughput of 4.5 million tonnes per annum, is a large and strategic asset being the only gold processing plant for 200 kilometres. The replacement cost is estimated to be in excess of US$265 million, this being the cost of the Perseus plant and infrastructure at Yaoure in neighbouring Ivory Coast.

• The Company has been operating in Mali since 2011 and has the experience of the country to deliver on the potential of Morila. In addition, Morila has a full operating team in place who will remain with the mine after acquisition.

Transaction Overview

Société des Mines de Morila SA (Morila SA), a Malian registered company is effectively owned 40% by Barrick, 40% by AngloGold and 20% by the State of Mali and Morila SA owns the mine which lies within the 211km2 Morila Exploitation Licence (Original Decree number 99 217/PM-RM dated 4 August 1999 and subsequent amendments).

The original Establishment Convention for the Licence came into force on 28 April 1992 and has a 30-year term. The Convention will be required to be extended to match the Exploitation licence expiry. For reference, Resolute Mining’s Syama mine in Mali had a similar Establishment Convention (originally BHP) extended last year.

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The Company has executed a binding agreement to acquire 100% of the shares of Morila Limited, a Jersey registered company (Jersey Co), from Barrick and AngloGold. Jersey Co holds the AngloGold and Barrick 80% interest in Morila SA (Barrick and AngloGold each hold 50% interst in Jersey Co). The consideration payable is estimated to be between US$22 and US$27 million (A$31 to A$38 million). The final consideration will be determined with reference to the closing balance of tax credits in Morila SA. It is anticipated that these tax credits will be available to offset future VAT and corporate tax payments. Morila SA has not been subject to a tax audit for 3 years and there is a risk there may be some liability arising to Morila SA after completion and when that audit is undertaken. The Company is required to pay a non-refundable deposit of US$1 million prior to 20th September, this will be offset against the final consideration payable.

A condition precedent to closing the transaction is securing acquisition finance. A further condition precedent is that the transaction will be acknowledged without objection by the Government of Mali. The Transaction has been notified to, and discussed with, mining authorities prior to the current instability in Mali. The Vendors can waive this condition at their discretion, but only if, after the Company meeting other conditions precedent, the Government has not advised that it opposes or otherwise objects to the Transaction. No such advice has been received to date.

The parties are targeting closing of the transaction before the end of October 2020. After completion, Morila SA will have liability for the cost of eventual closure of the mine and rehabilitation of the site. These costs are estimated at approximately US$6-8 million if the mine was closed today, however, if mine life is materially increased those potential liabilities may be larger whenever the mine is eventually closed. Company management and consultants have visited the mine and the Company has completed technical, legal and commercial due diligence and its own Mineral Resource Estimate for Morila. Information in this release is from the Company’s examination of Morila SA records or public information. Please refer to the Competent Person statement for attribution and the footnote on page 1. Barrick is the operator and has agreed to work with the Company on a handover plan to ensure continuity of key mine management personnel and operations. Next Steps and Morila Strategy

The Company intends to increase sustainable production at Morila as quickly as possible after acquisition. Much of the initial work required can be financed through the existing cashflow at Morila. The Company has retained Euroz to advise on financing the acquisition and provision of working capital. In addition, the Company is considering various options for Morila SA to supplement its cashflow and, if required, to finance any potential production expansion.

Our strategy for the Morila operations is as follows:

• Continue tailings operations and generate cashflow • Undertake Mineral Resource Estimates for Morila, Domba, Viper and N’Tiola pits and the Koting

discovery • Commence infill and extension drilling at Morila and its satellites • Complete ore reserve estimates, mine design and scheduling of production and determine capital

and operating costs.

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• If studies are favourable, we will:

- re-commence open pit mining at satellite pits to potentially increase production and displace tailings production

- re-commence open pit mining at Morila to further increase production • Explore high value targets on the 474km2 Massigui Project and 211km2 Morila lease to discover

additional shallow resources Project Overview The Morila Mine is located in southern Mali on the major Morila – Domba gold corridor, adjacent to the Company’s Massigui Project where the Koting discovery was recently drilled. A fuller description of the Morila asset is given in Appendix 1 below. The Morila Mine was the foundation of Randgold Resources (Randgold) as a gold producer. In its early years the mine had the lowest cash costs in the world (US$150 per ounce), produced in excess of 1 million ounces in one year and generated the cashflow that enabled Randgold to grow to a scale that culminated in its US$18 billion merger with Barrick last year. Production at Morila commenced in 2000 and as of December 2019, total production was 60.6 million tonnes at 3.82g/t gold for 7.4 million contained ounces from the main Morila pit, three satellite pits and processing of stockpiles and tailings. Mining of the main Morila pit ceased in 2010 other than a limited cut back in 2014 when gold prices were US$700 ounce. There was open pit mining of three satellite pits in 2019. Extensive mineralisation was drilled outside the Morila pit but not pursued at low gold prices in favour of stockpile processing and tailings processing. Some 188 kilometres of Diamond and RC drilling has been completed at Morila, examples of better intercepts outside the mined pit include:

56 metres at 4.97g/t gold from 132 metres (SAN540)


20 metres at 4.46g/t gold from 184 metres (RCX1108)

54 metres at 2.37g/t gold from 178 metres (SAN264) including 4 metres at 13.3g/t gold 9 metres at 8.37g/t gold from 90 metres (SAN387)

A Mineral Resource Estimate for the Morila pit has been estimated by the Company and is described below. Additional geological and drilling data is available for the Morila mine which will be used to improve geological interpretations, the size and the classification of the current Resource. Pit constraints and cut-off grades will be adjusted to reflect more current gold prices.

Three satellite pits were also mined at Morila; Domba, Viper and N’Tiola. They are located within 25 kilometres of the plant and drilled mineralisation remains beneath and along strike from these deposits. In addition, MLL has drilled the Koting discovery on its adjacent Massigui tenure. No Mineral Resource estimates are available for these deposits and the Company is developing new Resource and Reserve estimates using existing data and prevailing gold prices. The Company will commence verification drilling

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at Morila, at the satellite pits and at the Koting discovery as soon as weather conditions permit (wet season).

Morila has all the infrastructure required of a remote gold mining operation and the plant has a throughput of 4.5 million tonnes per annum and average gold recoveries of 91% when treating hard rock.

JORC 2012 Mineral Resource Estimate for the Morila Deposit MLL has completed its own Inferred Mineral Resource Estimate for Morila based upon the extensive prior drilling beneath the Morila main pit. This estimate has been constrained within a conservative pit optimisation shell estimated using a US$1250 per ounce gold price and above a lower cut-off grade of 0.5 g/t gold. The Inferred Mineral Resource Estimate beneath and around the Morila pit is reported above a lower cut-off grade of 0.5g/t gold and is: 32 million tonnes at 1.26 g/t gold for 1.30 million ounces of contained gold. This Resource Estimate is reported in accordance with the 2012 Edition of the JORC Code. See Appendices 2, 3 and 4 for further descriptions of the Resource Estimate, JORC Table 1 and drilling data. Neither Barrick, AngloGold nor the mine operating company, Morila SA have reviewed or take responsibility for the Resource Estimate. As per ASX Listing Rule 5.8 and the 2012 JORC Code, a summary of the material information used to estimate the Mineral Resource is detailed below. Further details can be found in Appendices 3 and 4.

Geology & Geological Interpretation: The Morila gold deposit is hosted within pelitic and psammitic metasediments intruded by a tonalite body. Gold mineralisation is associated with coarse arsenopyrite and occurs as free gold. Geological interpretation was based on sectional interpretations and grade boundaries were created using a 0.7g/t gold cut-off grade.

Drilling Techniques: The deposit was initially drilled out on a 70m x 35m spacing utilising diamond core drilling, with later infill to 30m x 30m in most areas. Subsequent Reverse Circulation (RC) drilling was completed at a 20m x 20m spacing. All available drillhole data was used to inform the resource model.

Sampling and Sub-sampling Techniques: RC drilling samples were generated via a face sampling hammer, collected by a rig mounted cyclone and split using a riffle. Diamond drill core samples were half NQ core, with HQ sized core drilled and sampled in the weathered profile. All drillholes were geologically logged. All diamond drillholes were surveyed at 50m intervals to the base of the hole. Early RC drilling was vertical and not surveyed, whereas later RC drillholes were surveyed. All collar positions were surveyed using a differential GPS. Bulk density values are from SG measurements on core.

Sample Analysis: Samples were analysed at an accredited commercial laboratory. Standard sample preparation techniques were used with a 50g sub sample fire assayed and the bead analysed by AAS. Where samples returned over 5g/t gold, a sub sample was fire assayed with a gravimetric finish. Quality control protocols for all drilling included the use of certified reference materials), blanks and duplicates.

Estimation Methodology: Block grades were estimated using interpolation of 2 metre composite data and an Ordinary Kriging where grade control was the dominant dataset, and Uniform Conditioning for all other blocks. Search ellipses were based upon grade continuity models. The block model size was 10m X by 10m Y by 5m Z, based on the selective mining units in use during mining operations at Morila.

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Classification: The deposit has been classified as an Inferred Mineral Resource based on data quality and sample spacing. Further review and validation of the drillhole database is likely to result in an increase in confidence in the Mineral Resource, although confirmatory drilling may be required

Mining & Metallurgical Methods and Other Factors: The Mineral Resource has been prepared assuming that open pit mining will be carried out, following similar methods to when the deposit was previously mined. To confirm reasonable prospects for eventual economic extraction the Mineral Resource has been constrained within a conceptual pit shell using current and historical costs for the project and a US$1250/ounce gold price. It is assumed that all mineralised material will be processed through the existing Morila processing plant, which is currently in operation, and that recoveries and other metallurgical parameters will be similar to historical performance due to the similar nature of the remnant mineralisation to the ore previously mined and processed.

Classification & Cut-off Grade: The Mineral Resource has been classified as Inferred based on data quality and sample spacing. The cut-off grade used was 0.5g/t based on historical and current costs at Morila along with the current and forecast gold price. Further review and validation of the drillhole database is likely to result in an increase in confidence in the Mineral Resource, although confirmatory drilling may be required

Mine Plan for Open Pits The Company has commenced an update of the Mineral Resource Estimate for Morila and new Mineral Resource Estimates for its three satellite pits and the Koting discovery. These estimates will inform the estimation of open pit Ore Reserves, from which a Mine plan with production schedules and capital and operating costs will be developed. Open pit mining of satellite pits at Morila ceased in 2019 and mining methods, treatment performance and costs are all well understood. Operating costs for the plant and consumables will be those for the current operations. Depending on the results of this work, open pit mining (initially from the satellites), could resume in the near term in parallel with tailings processing. This was the operating model for Morila in 2018 and 2019. Any regulatory approvals required for resumption of open pit mining will also be sought. The new Mineral Resource and mining studies detailing operating and capital costs, Ore Reserves and production schedules will be released when available. Production Plan for Tailings Hydraulic mining and processing of tailings is currently being undertaken at a throughput rate of 5.5 million tonnes per annum which has produced at a rate of up to 50,000 ounces of gold per annum recovered gold. Recovery from tailings has averaged 50 to 60%.

In the period between settlement and the completion of the tailings treatment operations at the end of the second quarter of 2012 (approximately 7 months), the operations are planned to generate approximately US$17.0 million of after tax cashflow, assuming a gold price of US$1850 per ounce and approximately 26,350 ounces of gold recovered. That cashflow will be applied to confirmation, infill and extension drilling of Morila and its satellites and the ramp up of production through the restart of mining at the satellite pits.

The Morila Mine plans to continue the treatment of tailings until May 2021, tailings have been processed at Morila since 2016. The information on the plan disclosed here is based on internal documents of Morila

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SA and reflects the estimates for the final 7 months of a steady state, long term tailings retreatment operation. Production to date has met plan targets in terms of tonnes, grade and recovery. No formal Mineral Resource or Ore Reserve for the tailings has been published or is available.

This summary is based on internal documents of Morila SA made available to the Company. The mine plan has been reviewed by MLL and is consistent with past performance and data available. Key parameters used to develop the plan are:

• Tonnes remaining to be processed at 1 November 2020 are estimated as 3.75 million tonnes at a grade of 0.48g/t gold.

• The planned tonnes and grade are based on systematic auger drilling of the tailings along with reconciliation against plant records. Confidence in estimated grade and tonnage is confirmed by performance during the last 3.5 years of processing.

• Mining is via hydraulic mining and the entire lower tailings layer is slurried and then processed in the Morila plant. Dilution and ore loss are not considered given the mining method.

• No lower cut-off grade is applied as mining of the exposed lower layer of tailings is to the natural surface floor of the Tailings Storage Facility.

• Metallurgical recovery of 50 to 55 per cent estimated based on past 3.5 years performance. • Operating costs are based on current costs at the Morila operation. • Gold price assumed by Morila SA is US$1700 per ounce. • The fiscal regime in Mali is detailed later in this release.

Exploration Potential There is extensive prior drilling at the Morila mine outside the current Mineral Resource which requires interpretation and infill and extension drilling. Similarly, underground targets beneath Morila have yet to be fully evaluated. The best example is the Samacline zone where deeper drilling has returned high grade results including 5 metres at 31.5 g/t gold, 17 metres at 4.9 g/t gold and 35 metres at 3.0 g/t gold. Numerous high value geochemical targets have already been identified on the 200 km2 Morila lease, many of which have been partially drill tested. However, much of this drill testing was shallow and likely ineffective as the weathering profile is deep (30 to 50 metres). The Koting K1 deposit within the Company’s adjacent 474km2 Massigui Project was drilled by the Company last year and a potentially economic deposit has been discovered. Drill intercepts include 4 metres at 11.1 g/t gold and 6 metres at 16.5 g/t gold (refer ASX Announcement 19 November 2019). There are more than 12 high value gold targets on the Massigui Project, defined variously by soil sampling and regolith drilling. Several good results, for example 2 metres at 22.8g/t at N’Tiola South and 11 metres at 2.53g/t gold at Kondji, were received from shallow drill testing of anomalies. The Company will commence systematic exploration and drilling of high value targets on the 474km2 Massigui Project and on the 211km2 Morila licence to discover shallow resources that may support production. Operating in Mali

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Environmental and other operating conditions in Mali are governed by the Mining Code and other legislation pertaining to Environmental and Social Management. There is no bond and the disturbed areas have largely been rehabilitated. A closure plan has been agreed with the government, but it is intended to modify that plan after acquisition on the demonstration of the viability of re-commencing open pit mining.

Over the past two decades, Morila has implemented various development initiatives with its surrounding communities. The flagship project is the Community Agribusiness Project, which has been designed to replace mining with sustainable economic activities in the local community after the operation’s closure. MLL intends to continue with Morila’s strong support of local communities.

Upon acquisition, the workforce is expected to number approximately 135 staff and 350 to 400 contractors and temporary employees, comprising operational, administrative, maintenance, security and support staff. It is intended to utilise former and local employees as much as possible when operations ramp up.

Mali has been suffering from political instability in recent months, however, all current mines report no interruption to normal operations, the country is operating largely as normal and a rapid return to stable government is anticipated.

Mali in particular, and West Africa in general, has had a comparatively low number of cases of COVID 19 infection. Mali’s borders are now open, and trade and logistics are generally good. Covid may impact on the ability of MLL’s Australian staff to be on site in Mali, however a full complement of staff is in place at the Morila operation and MLL has been operating in Mali for 9 years and has its own local team. The operation requires additional mining and geological expertise, much of which will be available locally and will be supplemented by MLL Australian staff and the Company’s consultants. MLL will be seeking to put additional expertise in place prior to assuming control of the asset in early November.

-ENDS- For Enquiries

LIST OF APPENDICES Appendix 1: The Morila Mine Appendix 2: Significant Drill Intersections Outside the Mined Pit at the Morila Gold Deposit, Mali Appendix 3: Mineral Resource Estimate - Morila Gold Mine, Mali Appendix 4: JORC Code, 2012 Edition – Table 1 About Mali Lithium

Dr Alistair Cowden Executive Chairman Mali Lithium Limited [email protected] +61 419 914 988

Dannika Warburton Director Investability Partners [email protected] +61 401 094 261

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Mali Lithium has been an active gold explorer in Mali, Africa’s third largest gold producer, since 2011. In August 2020 it agreed to acquire, subject to conditions, an 80% interest in the Morila Gold Mine. The State of Mali owns 20%. The acquisition is expected to close on or before 31 October 2020. Morila is an operating gold mine and has a 4.5 million tonnes per annum processing plant and all infrastructure required for a remote mine site. The hard rock open pit Inferred Mineral Resource at Morila is 1.3 million ounces of gold and there is standout potential to materially increase those resources. Morila has produced over 7.4 million ounces of gold from open pit mining and processing of stockpiles and tailings over 20 years of Barrick/AngloGold ownership. Hydraulic mining and processing of tailings is providing immediate cashflow and the company is investigating supplementing gold production from tailings with open pit mining from Morila, its satellite pits and the Company’s Koting discovery on its adjacent Massigui Project. Exploration will focus on growing the Morila resource, defining resources at the Morila satellite pits and the Koting discovery and testing multiple high value targets on the 685km2 of combined tenure. In 2016 the Company acquired the Goulamina Lithium deposit and subsequently defined resources and reserves to support a 2018 Pre-Feasibility Study. The study described a 16-year operation that can produce 362,000 tonnes per annum of 6% LiO2 spodumene concentrate. All permits for development have been secured. A resource update was recently announced with 109 million tonnes at 1.45% Li2O with 1.57 million tonnes of contained LiO2 making Goulamina one of the world’s largest ready to develop lithium deposits. A Definitive Feasibility Study (DFS) will be completed in early September 2020. The Company will explore options to realise value for this exceptional asset upon completion of the DFS. Competent Person’s Declaration The information in this announcement that relates to Exploration Results, Mineral Resources is based on information compiled by Mr Bill Oliver BSc (Hons) and Dr Alistair Cowden, BSc (Hons), PhD. Dr Cowden is an employee of the Company and Mr Oliver is a consultant to Mali Lithium. Both are members of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Oliver and Dr Cowden have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code')”. Mr Oliver and Dr Cowden have both visited the Morila mine to conduct due diligence and have reviewed and compiled mine data and records. Mr Oliver and Dr Cowden both consent to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Forward Looking and Cautionary Statements

This announcement contains “forward-looking information” that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the pre-feasibility and feasibility studies, the Company’s business strategy, plan, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral resources, results of exploration and relations expenses. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘likely’,’ believe’, ’estimate’, ‘expect’, ’intend’, ’may’, ’would’, ’could’, ’should’, ’scheduled’, ’will’, ’plan’, ’forecast’, ’evolve’ and similar expressions. Persons reading this announcement are cautioned that such statements are only predictions and that the Company’s actual future results or performance may be materially different Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information.

Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of lithium and other metals; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accident, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. The Company disclaims any intent or obligations to or revise any forward-looking statements whether as a result of new information, estimates, or options, future events or results or otherwise, unless required to do so by law.

Statements regarding plans with respect to the Company’s mineral properties may contain forward-looking statements in relation to future matters that can be only made where the Company has a reasonable basis for making those statements. Competent Person Statements regarding plans with respect to the Company’s mineral properties are forward looking statements. There can be no assurance that the Company’s plans for development of its mineral properties will proceed as expected. There can be no assurance that the Company will be able to confirm the presence of mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company’s mineral properties.

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APPENDIX 1: THE MORILA MINE

Mine History

The Morila Mine is located some 270 kilometres south east from Bamako, the capital of Mali, and is accessible by high quality paved road to within 35 kilometres of the mine where access is via an all-weather unsealed road. The mine has been in operation for 20 years. The mine is adjacent to the Company’s Massigui Project. The combined area of Morila and Massigui is 685km2.

Figure 2: Location of Morila, major regional mines and Mali Lithium Projects

The Morila deposit was first drilled by BHP and subsequently sold to Randgold Resources (Randgold), now merged with Barrick Gold Corporation (Barrick), in 1996. Randgold discovered the main Morila deposit in 1997. A joint venture was formed between Randgold and AngloGold Ashanti (AngloGold) in 2000 when AngloGold acquired 40% of the mine.

The mine is directly owned by Société des Mines de Morila SA (Morila SA), a Malian registered company. Morila SA is owned 40% by Barrick, 40% by AngloGold and 20% by the State of Mali. The mines is located within the 211km2 Morila mining licence (Original Decree number 99 217/PM-RM dated 4 August 1999 and subsequent amendments). The mining licence has a term of 30 years.

The original Establishment Convention for the mining licence came into force on 28 April 1992 and has a 30-year term. The Convention will be required to be extended to match the mining licence expiry. For reference, Resolute Mining’s Syama mine in Mali had a similar Establishment Convention (originally BHP) extended last year.

Production commenced in 2000 and the mine was well known for its spectacular grades. Open pit mining largely ceased in 2009, thereafter the plant processed low grade stockpiles and completed a small pit cutback in 2014. From 2016 the plant has processed tailings and in 2018 and 2019 mined a satellite pit (Domba) and adjacent discoveries originally made by Mali Lithium (Viper and N’Tiola).

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Figure 3: Annual tonnes mined and processed at the Morila Processing Plant

Figure 4: Head grade mined and processed at the Morila Processing Plant

559,

728

2,85

5,53

7

2,73

5,15

9

3,26

5,95

3

3,51

2,13

6

3,76

3,54

6

4,13

7,98

2

4,16

3,28

6

4,29

3,86

1

4,30

2,66

2

4,35

3,87

7

4,54

8,56

7

4,45

2,69

7

3,57

5,57

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3,24

1,62

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3,06

3,48

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3,77

3,89

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5,45

3,31

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4,88

0,35

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5,33

0,79

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ORE T REA TED (Ton s)

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Figure 5: Annual recovery at the Morila Processing Plant

Figure 6: Gold ounces in ore and produced at the Morila Processing Plant

The processing plant and infrastructure is in operation today treating tailings at a rate of 5.5 million tonnes per annum. The plant capacity when treating fresh rock was up to 4.5 million tonnes per annum.

95.2

90.8

89.3 91

.0

87.9

91.7

91.9

91.6

91.3

91.4

90.7

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89.8 91

.1

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71.7

66.6

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Ove

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192,

763

683,

448

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7

837,

751

583,

143

695,

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556,

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552

485,

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Gol

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GOLD IN ROM GOLD PRODUCED

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Past production to December 2019 is 60.6 million tonnes at 3.82g/t gold for 7.45 million contained ounces of gold. An overview of production and plant performance is illustrated above. This information is from Morila SA mine records and public company records.

Morila is situated in flat terrain within typical tropical savannah with a June to October rainy season.

Background to Mali Lithium and Morila

The Company’s 474km2 Massigui Gold Project was first acquired in 2013 and surrounds the Morila Mine. At Massigui, the Company completed more than 35,000 metres of drilling and made significant gold discoveries at three targets, namely N’Tiola, Viper and Koting. These deposits are situated near and to the north-west of the Morila Gold Mine.

In November 2016, the Company entered into two agreements with Morila SA which led to the commercialisation of two gold deposits located on the N’Tiola and Finkola permits within the Massigui Gold Project. Under the terms of those agreements, Morila SA, acquired the two areas of interest within the permits in return for an exercise fee and a staged net smelter return royalty of up to 4% on gold produced from the areas of interest. Over A$4.5 million in royalty payments have been generated for the Company from the sale of 64,100oz of gold recovered by Morila SA from those mines.

This synergy between the assets and the relationship developed since 2013 is the foundation of the transaction to acquire the interest in the Morila mine. The royalty agreement remains in force today and any further mining of these deposits will generate royalty payments to Mali Lithium.

The Company has continued gold exploration at Massigui whilst completing the drill out and feasibility studies on the Goulamina Lithium Project, recently returning excellent drill results from the Koting deposit in late 2019.

Geology and Mineralisation

Morila is the northern part of the West African craton of Lower Proterozoic meta-volcanic and meta-sedimentary rocks (Birimian) and granitoids. The mine area is located on a major structure and adjacent to the contact between Birimian metasediments and granitoids

Morila is located within a NNW trending corridor of sheared metasediments. This shear zone has both near vertical and flat lying components and is interpreted as a second order shear from the main Banifing shear 25 kilometres to the east. The Doubalakoro granite bounds the sediments to the west and the Massigui granite to the east.

The Morila orebody is developed within upper greenschist to amphibolite facies foliated and fine-grained quartz-feldspar-biotite schist with foliation parallel quartz feldspar veins and evidence of bedding. Local contact metamorphism from adjacent granitoids (2098-2091 Ma, McFarlane et al., 2011) produces a feldspar porphyroblastic texture.

Within the ore zone, microfractures and biotite veins are associated with sulphides and crosscut earlier fabrics. Arsenopyrite is the dominant sulphide (80%) with lesser pyrrhotite (15%) and pyrite (5%). Pyrite and pyrrhotite occur outside the orebody. It is not uncommon for gold to be seen by the naked eye and is generally associated with arsenopyrite. Mineralisation has been dated at 2098-2074 Ma (McFarlane et al., 2011).

The majority of the Morila deposit lies 70 – 130 metres below surface where it comprises a relatively flat lying 300-400 metres wide and up to 100 metres thick zone of mineralisation trending NNE for at least

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850 metres and gently dipping (approximately 6°) to the north. This portion of the orebody is related to the flat lying Morila Shear Zone.

The main horizontal zone is terminated to the east by the eastern margin fault and reverse faults. To the SW the orebody dips steeply associated with steep easterly dipping reverse faults. Drilling indicates continuation of the deposit at shallower dips to the west.

Figure 7: Regional Geological map showing the Morila lease and the Massigui leases. Morila is shown relative to the Domba, Viper and N’Tiola pits and the Company’s Koting discovery and other targets.

Mineral Resources at Morila

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The Morila Mine is one single large open pit, some 1100 metres long and 600 metres wide and approximately 210 metres deep. Some of the waste rock was placed in the pit. Tailings are deposited in the pit after retreatment and water levels are approximately 35 metres below the crest of the pit

The deposit is well drilled which has delineated significant mineralisation beneath and around the Morila pit. The Morila Mine has been in closure mode for many years and the last available resource estimates were completed at much lower gold prices than today (US$400 to US$700 per ounce) and were constrained by economic pit designs at that time. If mineralisation fell outside the economic pit it was not reported as a resource.

Figure 8: Morila Pit. The pit contains both water and tailings.

In the vicinity of the Morila Mine, drilling comprises 574 diamond drillholes for 118 kilometres of drilling, 1,727 reverse circulation (RC) drillholes for 70 kilometres of drilling and 50 kilometres of RAB drilling. Whilst a significant portion of the drilling has defined ore that has been mined, it is estimated that to replicate such a database today would cost in excess of A$42 million.

Better drill intersections below the Morila pit include:



20 metres at 4.46g/t gold from 184 metres (RCX1108)

54 metres at 2.37g/t gold from 178 metres (SAN264) including 4 metres at 13.3g/t gold





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9 metres at 3.89g/t gold from 240 metres and 47 metres at 1.81g/t gold from 258 metres (SAN397)



A fuller tabulation of drilling outside the pit at Morila is provided in Appendix 2. Cross sections and their locations are illustrated below.

Figure 9: Cross Section 129340mN showing drill intercepts beneath current pit.

Figure 10: Cross Section 129340mN showing Inferred Resource captured in US$1250 ounce gold conceptual pit and exploration target below pit.

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Figure 11: Cross Section 129270mN showing drill intercepts beneath current pit, in particular high grade steeply dipping mineralisation at the eastern end of the deposit.

Figure 12: Cross Section 129240mN showing drill intercepts beneath current pit, in particular high grade steeply dipping mineralisation at the eastern end of the deposit.

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Figure 13: Cross Section 129160mN showing drill intercepts beneath current pit.

Figure 14: Cross Section 129160mN showing Inferred Resource captured in US$1250 ounce gold conceptual pit and exploration target below pit.

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Figure 15: Location of Cross Sections and layout of the Morila pit

The last full-scale Resource Estimate completed by Morila and available to the Company was undertaken by consultants to Randgold in 2008. It utilised input from the mine geology team and previous modelling by AngloGold. Gold prices used to constrain that estimate were US$700 per ounce gold. The geological model was informed by a 0.7g/t gold lower cut-off and geological boundaries.

The Company has undertaken a review and validation of that Resource Estimate including construction of its own resource model and estimation using the data provided. To account for time constraints on detailed data validation and potential additional costs on mining such as the removal of tailings and water deposited in the pit, the estimate was constrained to within a conservative pit optimisation shell estimated at US$1250 per ounce gold and the resource was classified as Inferred pending further data verification and further modelling of reasonable potential for economic extraction.

This provides an Inferred Mineral Resource above a lower cut-off grade of 0.5g/t gold beneath and around the Morila pit of 32 million tonnes at 1.26 g/t gold for 1.30 million ounces of contained gold.

This Estimate is reported in accordance with the 2012 Edition of the JORC Code. See Appendices 2,3 and 4 for further descriptions of the Resource Estimate, JORC Table 1 and drilling data. Neither Barrick, AngolGold or Morila SA have reviewed or take responsibility for the Resource Estimate.

The best near-term potential for re-start of mining at Morila is at the western side of the current pit. The company will investigate dewatering the pit in stages so to expose the first benches with near surface ore and access for drilling. First pass estimate of time required is 4-6 months.

The pumping capacity already in place for hydraulic mining would be required to be expanded and electrical reticulation upgraded.

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Exploration Overview

Morila

In addition to the Mineral Resource described above there are significant extensions to the reported Mineral Resource at Morila based on extensive drilling beneath the pit and outside the conceptual pit shell used to constrain the Mineral Resource. This is illustrated in the cross sections presented above.

To verify this potential, a new geological model will be constructed for the Morila Mine including deeper mineralisation not yet evaluated in detail by the Company. This model will inform a new Resource Estimate to be made under prevailing gold prices.

The geology of the Morila deposit is challenging in that controlling structures are difficult to observe in strongly metamorphosed fine-grained rocks with few vectors to extensions and repeats. Only limited exploration was undertaken to test for potential extensions or repetitions while the mine was active. A medium-term aim will be to search for a repeat of Morila via a systematic programme of deeper exploration informed by a growing understanding of the deposit and modern best practice.

Exploration Potential on the Morila Licence

There is excellent potential to add to Resources outside the main Morila deposit.

Production from satellite pits was some 110,000 ounces of gold:

Viper: 0.81 million tonnes at 1.19 g/t gold for 31,000 ounces of gold.

N’Tiola: 0.85 million tonnes at 1.42 g/t gold for 39,000 ounces of gold.

Domba: Tonnes and grade not verified but approximately 40,000 ounces of gold.

Production from these pits was predominantly shallow oxide ore mined to complement tailings retreatment. These deposits have not been evaluated in any detail during due diligence but the potential for extensions is clear from existing drilling along strike and beneath the pits. Resource Estimates will be completed for the Domba, Viper and N’Tiola pits informed by prevailing gold prices. Infill and extension drilling programmes and estimation of Ore Reserves will determine feed to the Morila plant.

Similarly, underground targets beneath Morila have yet to be fully evaluated. The best example is the Samacline zone where drilling has returned high grade results including 5 metres at 31.5 g/t gold, 17 metres at 4.9 g/t gold and 35 metres at 3.0 g/t gold (refer Appendices 3 and 4). A resource estimate will also be undertaken for this mineralisation.

Numerous high value geochemical targets have already been identified on the Morila licence, many of which have been partially drill tested. However, much of this drill testing may have been ineffective as regolith (weathering) development is deep (30 to 50 metres) and much of the drill testing was shallow RAB drilling (less than 20 metres). In addition, the main Morila deposit is flat lying and such a deposit would not have been detected by regolith drilling with only a small portion occurring near surface. If the discovery trench had not been optimally sited, the Morila deposit would not have been identified.

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Figure 16. Plan showing the location of Morila mine and process plant in relation to the Haul road, satellite pits and the Koting discovery

Exploration Potential on MLL’s Massigui Leases

The Koting K1 deposit within the Company’s adjacent Massigui Project was drilled by the Company last year and a potentially economic deposit has been discovered. Drill intercepts returned include 4 metres at 11.1 g/t gold and 6 metres at 16.5 g/t gold. A Resource Estimate will be completed and a drill programme designed.

There are more than 12 high value gold targets on the Massigui Project, defined variously by soil sampling and regolith drilling. Generally, there has been shallow drill tests of soil anomalies but with good results for example 2 metres at 22.8g/t at N’Tiola South and 11 metres at 2.53g/t gold at Kondji.

The Company will be continuing exploration on the Massigui Project.

Tailings Mining and Processing

Current operations at Morila comprise hydraulic mining and processing of Tailings from the Tailings Storage Facility (TSF), to the north of the Morila main pit. Prior to the commencement of mining, the grade of the tailings was determined by an auger drilling programme which was reconciled against plant records. Higher grades are found near the base of the tailings due to combination of remobilisation of gold in the dam and higher grades being processed in the early years of production (refer Figure 4 above).

Tailings are mined by hydraulic methods, with high pressure water hoses used to sluice the material into sumps from which it is pumped as a slurry to the process plant for treatment. The hydraulic mining is

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being carried out by a contractor and moves approximately 33,000 tonnes per day of tailings. Production over the last 3 years has averaged 60,000 ounces of recovered gold per annum, corresponding to an average plant head grade of 0.6g/t gold and gold recoveries ranging between 50 and 60%. Satellite open pits contributed to this production.

Figure 17: Morila Tailings Storage Facility showing hydraulic mining of upper layer of tailings to expose lower ‘higher-grade’ tailings

The tailings operation generates cashflow and based on current costs, a gold price of US$1850 per ounce and operating history, in the period between settlement and the completion of the tailings treatment operations at the end of the second quarter of 2012, the operations are forecast to generate approximately US$17.0 million of after tax cashflow.

Morila Plant and Infrastructure

The Morila plant was built in 1999 and commenced production in 2000. It is currently treating tailings at the rate of 5.5 million tonnes per annum and will finish processing tailings in mid 2021. A program for progressively rehabilitating the Tailings Storage Facility has commenced but will be re-evaluated upon the Company completing the transaction.

The plant is a large and strategic asset, it is the only gold processing plant for 200 kilometres and for comparison, ASX listed Perseus recently built the 3.5mtpa Yaoure plant and infrastructure in neighbouring Cote D’Ivoire for US$265 million. The existing mill and operating team provide a competitive advantage, not least the advantage of lower establishment costs from the large sunk capital at Morila.

The Morila processing plant is a conventional Carbon in Leach (CIL) facility and commenced operating in 2000 with a throughput of up to 4.5 million tonnes per annum whilst treating fresh rock. The plant was upgraded in 2004 when a secondary crusher was added to increase throughput to the SAG mill and again in 2014 when the SAG mill was made redundant with the addition of tertiary crushing and screening. Additional capacity was also installed in the gravity gold, leach and CIL circuits.

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The plant comprises a three-stage crushing circuit which feeds a crushed ore stockpile with a live capacity of 10kt. A Nordberg 54/75 primary gyratory crusher is followed by secondary and tertiary crushing and screening. The crushing circuit is monitored by a SCADA system.

Oxidised ore which does not require secondary and tertiary crushing, is crushed with a 250kW toothed MMD rolls breaker fed from a 130-tonne bin and apron feeder.

Following crushing, the ore is milled in a 6MWBall Mill, which has a 5.9m diameter and 8.8m length. Oversize in the mill discharge is screened out, crushed in a pebble crusher and circulated back to the mill. The screened mill discharge is pumped through a cluster of 16 classifying cyclones for sizing. The coarse cyclone underflow is first processed in a dedicated gravity circuit to recover free gold, before returning to the ball mill. Cyclone overflow exits the milling circuit and is passed through a Thickener in preparation for processing in the CIL circuit and water recovery. A SCADA on-line condition monitoring system is used to check the performance and status of the mill, which includes continual measurement of bearing temperature, vibration, and control of lubrication system

A bleed stream is taken from the cyclone underflow in the milling section and gravitates to the gravity concentration section which is located in the gold room. Knelson concentrators with automatic discharge control are used to produce the gravity concentrate. Tailings material from the concentrators is returned to the milling circuit. Concentrates are delivered to a concentrate tank from where they are fed to a gravity table for primary gold (coarse) recovery for direct smelting. The table tails (fine gold particles) are fed to a Gekko in-line–leach reactor in closed circuit with an electrowinning circuit. The electrowinning sludge is periodically cleaned up, dried and smelted. Accurate accounting of gravity gold is possible due to this circuit design

The CIL circuit comprises of two Leach Tanks, followed by nine CIL tanks where activated carbon is added. All tanks have a volume of 2,500m3 and are mechanically agitated. Gold contained in the feed slurry is leached into solution and absorbs onto activated carbon which is present in the in the CIL tanks. The gold loaded carbon is recovered from the leach slurry, rinsed and processed in elution columns, where gold is stripped from the carbon into the gold containing pregnant liquor. Recovery of gold from solution is by electrowinning followed by smelting into Dore bars.

When treating Morila run of mine ore, gold was free milling and the recovery rate when treating hard rock was consistently been in excess of 90%, of that up to 40% was recovered through the gravity circuit.

The barren final tailings from the processing plant are thickened for water and reagent recovery and pumped in concentrated form to the Tailings Storage Facility, where further settling of solids occurs and recovery of water is achieved. When treating tailings, the barren tailings slurry is pumped to the main Morila pit for disposal.

The TSF is located in a fairly flat saddle valley located about 2km north of the plant. The valley falls from west to east where two earth starter walls were initially constructed.

Photographs of the plant are shown overleaf, from top to bottom; Primary Crusher with processing plant in background, entrance to the plant area and aerial view of the warehousing sheds and power plant. F

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Figures 18-20: Photographs of the plant from top to bottom; Primary Crusher with processing plant in background, entrance to the plant area and aerial view of the warehousing sheds and power plant.

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The site has all infrastructure required of a self-sufficient remote site which has operated for 20 years;

• Accommodation village able to accommodate 200 workers • Offices • Metallurgical and assay laboratories (operated by SGS) • Warehousing • Reagent handling and storage • Contractor workshops, laydown area and equipment • 28MW diesel power station• 1Ml Fuel storage tank plus 2 x 1,000m3 day tanks • Core farm • Access roads and haul roads to satellite pits • 12,000m3 Water Storage dam • The site is fenced and secure • 1,500m airstrip

Most water used in the processing plant is recirculated by using Thickeners, where water is continuously clarified for re-use. Additionally, water is recovered from the Tailings Storage Facility by returning the decanted clear water back to the plant. This greatly assists in minimising requirements for fresh make up water, which is sourced from the Bagoe River.

The plant has been operating efficiently and effectively for 20 years, is still doing so today and the company is unaware of any issues with major items of plant or equipment. The company has identified that whilst the power station is operating today, replacement and refurbishment of some generators is required to bring the power plant back to full capacity and support the requirements of processing hard rock at full capacity. There is a risk that given the lack of preventative maintenance at the plant and the depletion of spares leading up to its planned closure , there may be other unforeseen requirements to repair or replace equipment. The Insurance policies currently in place at Morila are Barrick group Insurances, a full insurance survey of the plant and infrastructure will be required to obtain new Insurance cover. There is a risk that the new policies may not be comprehensive and provide full cover for business interruption, fire and other events.

Environment and Community

Environmental and other operating conditions in Mali are governed by the Mining Code and other legislation pertaining to Environmental and Social Management. There is no bond and the disturbed areas have largely been rehabilitated. A closure plan has been agreed with the government but it is intended to modify that plan after acquisition on the demonstration of the viability of re-commencing open pit mining.

Over the past two decades, Morila SA has implemented various development initiatives with its surrounding communities in Health, Education, Development Infrastructure, Art/Culture and Agriculture. The flagship project is the Community Agribusiness Project, which has been designed to replace mining with sustainable economic activities in the local community after the operation’s closure. The current pilot project involves community members, assisted by the mine, producing agricultural products, poultry, fish farming, beekeeping, etc. There is strong local support for full mining operations to restart and MLL intends to continue with Morila SA’s strong support of local communities.

Upon acquisition, the workforce is expected to number approximately 135 staff and 350 to 400 contractors and temporary employees comprising operational, administrative, maintenance, security and support staff. The Morila workforce was large when the mine was in full production and it is intended to

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utilise former and local employees as much as possible when mining restarts. Because it has served as a significant source of employment for the many living in the adjacent villages, the mine is strongly supported by the local community.

About Mali

The Republic of Mali (Mali) is a large country in West Africa, 1.24 million km2 in area and with a population of 20 million, of which 67% are below the age of 25. Mali is a secular state with 90% of the population following Islam. The country is a democracy reliant on agriculture and minerals. Cotton, rice and millet are major export crops.

Mali is Africa’s third largest gold producer with a number of global miners operating in Mali including Barrick, Endeavour, B2Gold, Resolute and AngloGold. Most gold mines, including Morila, are located in southern Mali. Mali also has rich deposits of lithium, bauxite, manganese, iron ore, salt, limestone and phosphate among others.

Mali has an established Mining Code and a track record for facilitating and rapidly permitting mineral development and production. Government has been supportive of the industry and seeking to grow and diversify the country’s minerals sector.

Mali is a member of the West African Economic and Monetary Union (WAEMU) and uses the West African CFA Franc managed by the Central Bank of West African States. The business law in Mali is guided the directives of the Organisation for Harmonisation of Business law in Africa (OHADA), of which Mali is a member state.

Mali has a corporate tax at a rate of 30% of the Fiscal Result or 0.75% (1% for the company under the 2012 Mining Code) of the Company’s Turnover (Income); the highest amount is paid as corporate tax. The State of Mali has a 6% royalty on gold production.

- ENDS -

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APPENDIX 2: SIGNIFICANT DRILL INTERSECTIONS OUTSIDE THE MINED PIT AT THE MORILA GOLD DEPOSIT, MALI

Hole ID Type Easting Northing RL Dip Azimuth Depth From To Interval Grade (g/t)

MOR004 DDH 734075 1291904 327.57 -45 98 300 210 218 8 3.95 MOR005 DDH 733842 1292108 338.3 -45 98 350 240 266 26 1.58 MOR007 DDH 734167 1291566 324.2 -45 23 340 0 3.4 3.4 2.83 SAN010 DDH 734234 1291585 332 -45 270 137 1.5 5 3.5 2.71 SAN046 DDH 734322 1291900 337 -75 90 228 126 136 10 2.89 SAN046 DDH 734322 1291900 337 -75 90 228 157 192 35 1.73 SAN050 DDH 734660 1291739 333 -75 90 189 135 144 9 2.48 SAN086 DDH 734620 1291629 335 -65 270 245 194 195 1 48.79 SAN086 DDH 734620 1291629 335 -65 270 245 204 219 15 4.26 SAN087 DDH 734718 1291627 335 -65 270 280 179 185 6 1.01 SAN087 DDH 734718 1291627 335 -65 270 280 189 195 6 1.03 SAN089 DDH 734636 1291669 334 -65 270 230.1 183 203 20 2.69 SAN090 DDH 734711 1291667 334 -75 270 227 167 191 24 2.82 SAN091 DDH 734647 1291706 333 -65 270 221 168 205 37 2.10 SAN092 DDH 734662 1291705 333 -80 270 239.3 169 188 19 1.36 SAN093 DDH 734677 1291705 333 -85 123 212 195 196 1 44.3 SAN094 DDH 734668 1291769 332 -90 0 167 154 156 2 2.84 SAN097 DDH 734673 1291793 332 -80 90 181 160 162 2 2.04 SAN099 DDH 734609 1291829 332 -45 90 160 134 139 5 1.43 SAN104 DDH 734606 1291938 329 -45 90 141 97 108 11 24.9 SAN105 DDH 734593 1291897 330 -45 90 160 110 121 11 3.74 SAN125 DDH 734777 1292070 327 -90 0 220 177 190 13 3.14 SAN126 DDH 734707 1291980 328 -90 0 189.3 79 91 12 1.10 SAN127 DDH 734187 1292020 329 -90 0 199.7 135 137 2 1.49 SAN128 DDH 734382 1291980 331 -90 0 221 149 189 40 1.84 SAN129 DDH 734467 1291981 330 -90 0 196.6 75 170 95 5.58 SAN130 DDH 734558 1291980 329 -90 0 181.4 107 148 41 4.87 SAN131 DDH 734628 1291980 328 -90 0 190.5 119 141 22 2.11 SAN132 DDH 734425 1292020 330 -75 90 211.4 109 120 11 4.66 SAN133 DDH 734527 1292020 328 -70 90 211.9 103 147 44 3.04 SAN133 DDH 734527 1292020 328 -70 90 211.9 172 181 9 2.76 SAN134 DDH 734697 1292020 328 -90 0 221 96 120 24 2.03 SAN135 DDH 734408 1292043 330 -90 0 221 147 156 9 4.16 SAN136 DDH 734474 1292043 329 -90 0 202.7 104 115 11 6.49 SAN137 DDH 734523 1292043 328 -90 0 178.3 84 137 53 3.72 SAN138 DDH 734568 1292043 328 -90 0 181.4 94 130 36 11.55 SAN139 DDH 734610 1292043 328 -90 0 187.5 128 138 10 7.66 SAN140 DDH 734653 1292043 328 -90 0 190.5 160 182 22 3.00 SAN141 DDH 734620 1292200 326 -90 0 199.5 137 145 8 3.51 SAN142 DDH 734675 1292070 327 -90 0 190.5 175 190.5 15.5 4.62 SAN143 DDH 734574 1292070 328 -85 90 175.3 95 141 46 3.72 SAN144 DDH 734487 1292070 328 -90 0 181.4 92 142 50 6.23 SAN145 DDH 734690 1292200 326 -90 0 199.7 110 133 23 4.34 SAN146 DDH 734550 1292200 327 -90 0 163.1 76 100 24 11.99 SAN147 DDH 734760 1292199 326 -90 0 199.7 187 192 5 1.26 SAN148 DDH 734780 1292130 327 -90 0 202.7 197 202 5 30 SAN149 DDH 734480 1292200 327 -90 0 178.3 171 177 6 2.93 SAN150 DDH 734309 1291862 332 -90 0 181.4 139 157 18 1.46 SAN151 DDH 734388 1291862 338 -90 0 199.7 159 180 21 1.97 SAN152 DDH 734469 1291864 336 -90 0 181.4 126 147 21 4.75 SAN153 DDH 734548 1291864 332 -90 0 141.7 99 106 7 4.77 SAN154 DDH 734620 1292340 325 -90 0 181.4 105 135 30 8.37 SAN155 DDH 734551 1292270 326 -90 0 208.8 73 109 36 16.78 SAN156 DDH 734620 1292270 326 -90 0 221 88 172 84 11.24 SAN157 DDH 734690 1292270 326 -90 0 251.5 205 218 13 2.68 SAN158 DDH 734760 1292270 325 -90 0 269 243 250 7 1.04 SAN160 DDH 734550 1292340 326 -90 0 172.1 133 135 2 4.23 SAN161 DDH 734501 1292270 326 -90 0 163.5 125 135 10 2.48 SAN162 DDH 734661 1292344 325 -90 0 239.3 161 204 43 4.24 SAN164 DDH 734645 1292445 325 -90 0 211.9 150 152 2 1.69 SAN165 DDH 734641 1292400 325 -90 0 199.7 145 148 3 126.5 SAN166 DDH 734575 1292445 325 -90 0 199.7 82 85 3 0.97

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SAN167 DDH 734533 1291523 335 -90 0 219.5 175 177 2 0.94 SAN174 DDH 734528 1292235 326 -90 0 129.6 79 111 32 2.15 SAN185 DDH 734565 1292370 319 -90 0 176 92 110 18 1.52 SAN188 DDH 734770 1292345 323 -70 270 265 200 228 28 4.35 SAN188 DDH 734770 1292345 323 -70 270 265 236 246 10 6.45 SAN190 DDH 734290 1292130 328 -90 0 209 190 203 13 1.25 SAN191 DDH 734210 1292130 329 -90 0 200 127 135 8 2.34 SAN209 DDH 734620 1291870 331 -90 0 168 104 108 4 32.0 SAN211 DDH 734650 1291900 330 -70 270 161 80 108 28 2.23 SAN216 DDH 734785 1292370 321 -75 270 278 241 270 29 6.23 SAN217 DDH 734840 1292340 325 -65 270 308 278 296 18 1.49 SAN219 DDH 734460 1292305 317 -90 0 179 149 156 7 1.35 SAN220 DDH 734480 1292341 317 -90 0 176 125 129 4 14.44 SAN221 DDH 734430 1292270 318 -90 0 173 113 114 1 9.33 SAN224 DDH 734857 1292506 324 -60 210 467 300 303 3 0.99 SAN227 DDH 734326 1291470 327 -65 270 152 131 134 3 17.26 SAN229 DDH 734378 1292140 304 -83 110 156 98 122 24 1.45 SAN230 DDH 734355 1292180 304 -80 90 155 106 130 24 1.04 SAN231 DDH 734582 1291599 326 -76 270 221 188 197 9 2.73 SAN232 DDH 734463 1291599 235 -90 0 113 76 88 12 3.84 SAN233 DDH 734660 1291630 335 -64 270 251 213 232 19 1.93 SAN234 DDH 734600 1291631 336 -60 270 245 202 217 15 5.54 SAN235 DDH 734663 1291670 334 -70 270 229 188 200 12 0.91 SAN236 DDH 734495 1291481 330 -73 360 230 202 218 16 2.38 SAN237 DDH 734444 1291600 236 -57 90 131 96 114 18 2.91 SAN238 DDH 734535 1291770 329 -90 0 167 115 146 31 3.12 SAN239 DDH 734620 1291770 331 -90 0 164 112 131 19 1.59 SAN240 DDH 734550 1291800 329 -90 0 137 98 107 9 1.58 SAN241 DDH 734557 1291630 323 -61 270 218 187 199 12 2.36 SAN242 DDH 734599 1291670 330 -64 270 230 191 204 13 3.36 SAN243 DDH 734593 1291580 328 -77 270 237 205 216 11 3.21 SAN244 DDH 734429 1292180 259 -72 270 92 36 59 23 2.4 SAN245 DDH 734305 1292100 309 -85 0 154 104 136 32 1.66 SAN245 DDH 734305 1292100 309 -85 0 154 148 152 4 3.29 SAN246 DDH 734335 1292100 305 -90 0 161 101 111 10 7.63 SAN246 DDH 734335 1292100 305 -90 0 161 116 123 7 2.55 SAN247 DDH 734375 1292100 305 -90 0 170 108 132 24 1.34 SAN248 DDH 734310 1292060 308 -60 270 160 123 130 7 3.09 SAN249 DDH 734320 1292060 308 -90 0 148 104 119 15 12.39 SAN250 DDH 734374 1292160 303 -75 90 145 112 118 6 1.53 SAN256 DDH 734220 1291391 324 -70 45 252 64 73 9 2.95 SAN257 DDH 734901 1292300 325 -60 270 368 305 319 14 2.41 SAN258 DDH 734860 1292150 313 -70 270 299 228 233 5 4.22 SAN260 DDH 735091 1291980 329 -70 270 434 176 182 6 4.51 SAN261 DDH 734925 1291803 332 -60 270 369 240 241 1 10.4 SAN262 DDH 734930 1291980 328 -60 270 320 179 181 2 1.16 SAN263 DDH 733970 1291895 328 -60 270 365 270 293 23 2.48 SAN264 DDH 734260 1292340 327 -70 270 452 178 232 54 2.37 SAN265 DDH 734370 1292470 326 -60 270 374 294 302 8 2.72 SAN267 DDH 734069 1292230 329 -60 270 407 172 177 5 3.02 SAN268 DDH 733971 1292110 331 -55 270 335 297 304 7 8.95 SAN270 DDH 733910 1292110 345 -45 270 499 462 466 4 35.99 SAN271 DDH 733930 1292680 337 -80 270 500 337 354 17 4.91 SAN272 DDH 734097 1292340 340 -50 270 443 235 258 23 0.93 SAN273 DDH 734265 1292340 328 -62 90 300 191 196 5 2.43 SAN274 DDH 734494 1292039 295 -90 360 152 29 119 90 4.13 SAN275 DDH 734427 1291860 280 -90 270 152 18.75 110 91.25 5.49 SAN278 DDH 734445 1291774 300 -50 258 181 99 145 46 5.3 SAN279 DDH 734417 1291783 301 -58 270 170 89 149 60 2.18 SAN280 DDH 734490 1292051 291 -70 45 161 28 104 76 3.56 SAN282 DDH 734401 1291795 300 -61 270 152 112 146 34 1.46 SAN283 DDH 734401 1291795 300 -90 90 131 108 129 21 3.67 SAN284 DDH 734481 1291991 291 -84 90 152 31 128 97 4.99 SAN285 DDH 734524 1291992 299 -90 90 152 98 139 41 6.92 SAN286 DDH 734483 1292018 293 -90 90 152 99 127 28 4.85 SAN287 DDH 734541 1292018 297 -90 90 152 70 83 13 20.42

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SAN287 DDH 734541 1292018 297 -90 90 152 135 140 5 2.75 SAN288 DDH 734510 1292035 296 -90 90 152 53 110 57 7.35 SAN289 DDH 733690 1292580 331 -70 90 436 300 306 6 2.05 SAN289 DDH 733690 1292580 331 -70 90 436 366 367 1 9.88 SAN290 DDH 733555 1292759 330 -60 90 599 445 480 35 2.96 SAN290 DDH 733555 1292759 330 -60 90 599 456 460 4 11.83 SAN290D1 DDH 733555 1292759 330 -60 90 460 445 460 15 2.86 SAN290D2 DDH 733555 1292759 330 -60 90 544 457 478 21 3.06 SAN290D3 DDH 733555 1292759 330 -60 90 550 466 477 11 3.03 SAN292 DDH 733955 1291500 329 -70 270 368 192 197 5 4.34 SAN293 DDH 733276 1291708 324 -60 90 394 230 244 14 1.06 SAN297 DDH 734149 1292580 335 -60 270 608 336 339 3 2.28 SAN299 DDH 734225 1292780 333 -55 270 599 543 546 3 4.33 SAN302 DDH 734815 1291980 318 -75 270 266 219 223 4 3.99 SAN306 DDH 734213 1291322 339 -60 45 242 86 89 3 11.11 SAN309 DDH 734169 1292680 334 -65 270 620 598 605 7 4.23 SAN311 DDH 734230 1292340 333 -61 272 450 355 374 19 1.68 SAN311 DDH 734230 1292340 333 -61 272 450 383 387 4 8.35 SAN312 DDH 733980 1292230 345 -55 270 401 330 340 10 1.27 SAN314 DDH 733919 1291897 331 -50 270 382 323 324 1 7.68 SAN314 DDH 733919 1291897 331 -50 270 382 339 342 3 1.34 SAN316 DDH 733854 1292000 344 -55 270 491 353 355 2 1.22 SAN317 DDH 733960 1291995 334 -60 272 371 350 353 3 1.41 SAN320 DDH 733919 1291800 326 -70 270 371 226 227 1 141.3 SAN321 DDH 734200 1292250 329 -70 110 251 135 154 19 3.04 SAN322 DDH 734370 1292480 326 -75 90 272 124 127 3 3.07 SAN322 DDH 734370 1292480 326 -75 90 272 186 187 1 5.00 SAN323 DDH 734370 1292480 326 -80 270 329 89 94 5 1.39 SAN327 DDH 733243 1292110 324 -45 90 488 137 138 1 38.0 SAN327 DDH 733243 1292110 324 -45 90 488 146 149 3 2.32 SAN331 DDH 734490 1292060 290 -90 360 137 87.5 116.25 28.75 1.61 SAN332 DDH 734510 1292060 290 -90 360 131 48.75 101.25 52.5 4.69 SAN334 DDH 734510 1292020 290 -90 360 147 82.5 130 47.5 2.64 SAN334 DDH 734510 1292020 290 -90 360 147 135 140 5 1.82 SAN335 DDH 734470 1292000 280 -90 360 150 38.75 118.75 80 4.69 SAN335 DDH 734470 1292000 280 -90 360 150 138.75 145 6.25 3.23 SAN336 DDH 734510 1292000 290 -90 360 140 57.5 132.5 75 9.7 SAN337 DDH 734460 1291960 280 -90 360 137 47.5 127.5 80 2.89 SAN338 DDH 734480 1291960 281 -90 360 141 102.5 110 7.5 4.42 SAN339 DDH 734390 1291940 280 -90 360 149 123.75 140 16.25 3.11 SAN340 DDH 734420 1291920 281 -90 360 151 92.5 128.75 36.25 2.26 SAN341 DDH 734441 1291921 281 -90 360 134 78.75 125 46.25 1.87 SAN342 DDH 734410 1291780 280 -90 360 140 32.5 87.5 55 11.13 SAN343 DDH 734440 1291760 291 -90 360 116 83.75 105 21.25 4.18 SAN344 DDH 734530 1292020 280 -50 360 131 53.75 101.25 47.5 4.66 SAN345 DDH 734550 1292040 290 -90 360 140 77.5 102.5 25 2.98 SAN345 DDH 734550 1292040 290 -90 360 140 116.25 131.25 15 1.08 SAN346 DDH 734520 1291965 280 -82 360 155 77.5 100 22.5 4.35 SAN347 DDH 734420 1291960 280 -90 360 161 113.75 131.25 17.5 1.19 SAN348 DDH 734440 1291960 281 -90 360 160 80 126.25 46.25 3.68 SAN349 DDH 734500 1291939 279 -90 360 146 62.5 66.25 3.75 19.61 SAN350 DDH 734490 1291920 279 -90 360 149 50 73.75 23.75 3.37 SAN351 DDH 734345 1291900 280 -90 360 150 76.25 126.25 50 1.27 SAN352 DDH 734365 1291860 280 -90 360 149 96.25 130 33.75 1.34 SAN353 DDH 734450 1292000 281 -90 360 155 80 110 30 1.12 SAN357 DDH 734400 1291960 280 -90 360 146 86.25 110 23.75 1.74 SAN358 DDH 734440 1291980 280 -90 360 149 85 132.5 47.5 2.03 SAN359 DDH 734400 1291980 280 -90 360 137 92.5 131.25 38.75 1.5 SAN360 DDH 734550 1292000 290 -90 360 152 116.25 126.25 10 9.55 SAN361 DDH 734560 1292020 291 -70 90 160 100 122.5 22.5 2.96 SAN363 DDH 734324 1292680 333 -69 270 530 448 457 9 3.62 SAN364 DDH 733286 1292340 330 -49 90 575 487 492 5 31.54 SAN365 DDH 734181 1292245 329 -74 270 377 220 221 1 12.58 SAN366 DDH 734299 1292230 294 -66 90 200 95 128 33 2.86 SAN367 DDH 734404 1292340 279 -72 90 170 131 135 4 3.16 SAN380 DDH 734368 1292190 260 -60 270 182 70 79 9 5.07

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SAN381 DDH 734247 1292190 301 -90 270 182 116 131 15 1.26 SAN382 DDH 734226 1292190 302 -74 270 233 191 200 9 1.60 SAN383 DDH 734163 1292190 308 -70 270 144.6 75 105 30 2.58 SAN384 DDH 734074 1292190 329 -80 90 99 96 99 3 0.86 SAN385 DDH 734136 1292244 329 -59 270 135 55 69 14 0.83 SAN386 DDH 734188 1292244 329 -81 90 227 139 143 4 5.34 SAN387 DDH 734306 1292240 293 -90 0 194 183 189 6 1.79 SAN388 DDH 734310 1292240 292 -55 90 194 143 146 3 1.54 SAN389 DDH 734369 1292300 284 -75 90 152 101 109 8 0.7 SAN390 DDH 734358 1292300 285 -81 270 176 160 173 13 1.12 SAN391 DDH 734361 1292300 285 -54 270 188 131 143 12 2.94 SAN392 DDH 734249 1292300 328 -74 270 245 148 163 15 1.72 SAN393 DDH 734234 1292300 328 -50 270 193 67 74 7 1.29 SAN394 DDH 734274 1292340 328 -77 90 303 268 279 11 2.3 SAN395 DDH 734398 1292340 279 -88 90 144 82 97 15 1.73 SAN396 DDH 734268 1292340 327 -80 270 271 253 271 18 1.63 SAN397 DDH 734262 1292339 328 -62 269 305 258 305 47 1.81 SAN398 DDH 734466 1292400 271 -78 270 134 100 108 8 1.2 SAN399 DDH 734319 1292400 327 -68 90 200 171 185 14 1.81 SAN400 DDH 734320 1292401 327 -90 0 191 168 174 6 2.22 SAN401 DDH 734288 1292400 328 -77 270 255 222 232 10 1.08 SAN406 DDH 734367 1292190 259 -77 270 138 49 56 7 7.69 SAN407 DDH 734339 1292190 260 -64 270 149 64 112 48 5.56 SAN408 DDH 734233 1292190 302 -87 270 167 51 58 7 5.67 SAN408 DDH 734233 1292190 302 -87 270 167 94 108 14 1.74 SAN409 DDH 734301 1291618 248 -42 180 111 0 88 88 6.21 SAN411 DDH 734137 1292190 310 -64 270 101 37 39 2 40.8 SAN412 DDH 734133 1292244 329 -43 270 143 74 76 2 3.61 SAN413 DDH 734164 1292244 329 -65 270 146 40 45 5 21 SAN413 DDH 734164 1292244 329 -65 270 146 55 63 8 3.68 SAN414 DDH 734180 1292243 326 -90 0 139 84 96 12 25 SAN415 DDH 734297 1292240 294 -79 270 173 100 113 13 1.86 SAN416 DDH 734307 1292240 293 -75 90 158 91 129 38 3.17 SAN418 DDH 734370 1292300 284 -90 0 152 95 118 23 1.49 SAN419 DDH 734362 1292300 285 -64 270 170 121 136 15 1.51 SAN420 DDH 734250 1292300 327 -90 0 210 180 197 17 1.72 SAN421 DDH 734243 1292300 328 -60 270 183 147 160 13 3.94 SAN422 DDH 734126 1292300 330 -82 90 121.5 61 67 6 1.81 SAN424 DDH 734399 1292340 279 -78 270 158 91 112 21 1.91 SAN440 DDH 734282 1292220 296 -89 90 167 111 137 26 1.28 SAN441 DDH 734278 1292220 296 -61 270 157 112 120 8 0.94 SAN442 DDH 734275 1292220 297 -49 270 164 111 125 14 2.27 SAN443 DDH 734157 1292248 329 -76 162 155 100 121 21 3.03 SAN444 DDH 734094 1292220 329 -63 90 151 108 137 29 2.33 SAN445 DDH 734090 1292220 329 -73 90 131 47 55 8 1.64 SAN445 DDH 734090 1292220 329 -73 90 131 104 106 2 4.71 SAN445 DDH 734090 1292220 329 -73 90 131 110 113 3 2.28 SAN446 DDH 734087 1292220 328 -90 270 115.5 60 64 4 1.38 SAN446 DDH 734087 1292220 328 -90 270 115.5 100 103 3 2.45 SAN447 DDH 734088 1292220 329 -63 270 116 47 53 6 3.47 SAN447 DDH 734088 1292220 329 -63 270 116 82 86 4 3.44 SAN449 DDH 734333 1292270 289 -68 90 155 112 114 2 2.01 SAN449 DDH 734333 1292270 289 -68 90 155 141 142 1 10.12 SAN450 DDH 734332 1292270 289 -85 90 158 98 130 32 1.98 SAN451 DDH 734331 1292270 289 -80 270 161 102 117 15 0.82 SAN452 DDH 734328 1292270 289 -67 270 172 120 128 8 4.53 SAN453 DDH 734220 1292270 327 -79 90 197 158 172 14 3.84 SAN454 DDH 734220 1292270 327 -90 0 199.5 137 140 3 21.06 SAN455 DDH 734220 1292270 327 -77 270 167 118 133 15 2.98 SAN456 DDH 734209 1292270 326 -68 270 172.5 20 25 5 17.49 SAN457 DDH 734208 1292270 327 -53 270 158 98 101 3 9.93 SAN457 DDH 734208 1292270 327 -53 270 158 108 117 9 4.73 SAN458 DDH 734092 1292270 329 -70 90 128 49 50 1 28.01 SAN458 DDH 734092 1292270 329 -70 90 128 57 65 8 4.12 SAN459 DDH 734091 1292270 330 -89 90 107 63 64 1 7.44 SAN459 DDH 734091 1292270 330 -89 90 107 102 103 1 29.8

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SAN501 DDH 734311 1291600 246 -50 270 38 0 30 30 7.93 SAN502 DDH 734312 1291620 247 -41 270 38 0 6 6 12.98 SAN503 DDH 734295 1291640 244 -51 270 40 6 10 4 2.24 SAN503 DDH 734295 1291640 244 -51 270 40 15 17 2 0.75 SAN504 DDH 734312 1291600 246 -58 90 68 40 42 2 2.54 SAN505 DDH 734372 1292300 282 -62 113 140 106 122 16 4.21 SAN506 DDH 734561 1291550 229 -81 323 224 186 196 10 2.22 SAN507 DDH 734555 1291550 287 -55 264 230 191 199 8 1.99 SAN507 DDH 734555 1291550 287 -55 264 230 205 209 4 3.84 SAN507 DDH 734555 1291550 287 -55 264 230 135 143 8 0.95 SAN508 DDH 734582 1291570 209 -85 270 220 180 184 4 2.57 SAN508 DDH 734582 1291570 209 -85 270 220 186 192 6 1.90 SAN509 DDH 734594 1291597 139 -83 270 224 178 182 4 1.24 SAN510 DDH 734597 1291618 151 -79 270 227 174 180 6 3.64 SAN511 DDH 734659 1291630 249 -68 270 243 201 211 10 2.78 SAN515 DDH 734666 1291650 179 -86 270 178.75 141.25 151.25 10 2.55 SAN515 DDH 734666 1291650 179 -86 270 178.75 173.25 178.75 5.5 12.34 SAN517 DDH 734501 1291670 229 -64 270 140 98 104 6 6.16 SAN518 DDH 734614 1291692 181 -60 270 197 167 179 12 2.15 SAN520 DDH 734658 1291689 185 -76 270 191 167 175 8 1.39 SAN522 DDH 734659 1291730 212 -68 270 163.75 130 148 18 3.40 SAN523 DDH 734712 1291749 227 -85 315 226.25 117 127 10 1.47 SAN524 DDH 734705 1291769 245 -90 0 198.75 135 143 8 6.29 SAN525 DDH 734746 1291939 277 -55 270 175 73.75 79.75 6 4.68 SAN526 DDH 734729 1291960 270 -65 287 208.75 115 125 10 1.52 SAN528 DDH 734751 1292000 270 -56 270 212 76 92 16 2.97 SAN529 DDH 734707 1292000 263 -52 276 203 79 97 18 3.52 SAN529 DDH 734707 1292000 263 -52 276 203 151 171 20 3.09 SAN529 DDH 734707 1292000 263 -52 276 203 119 121 2 0.53 SAN529 DDH 734707 1292000 263 -52 276 203 55 75 20 1.80 SAN530 DDH 734746 1292020 250 -60 270 226 162 174 12 1.91 SAN531 DDH 734761 1292040 274 -67 288 232 166 176 10 1.80 SAN532 DDH 734726 1292060 242 -70 270 221 100 114 14 6.52 SAN535 DDH 734779 1292139 231 -72 270 260 252 256 4 2.16 SAN535 DDH 734779 1292139 231 -72 270 260 150 158 8 1.98 SAN536 DDH 734786 1292159 238 -71 259 200 154 166 12 2.18 SAN536 DDH 734786 1292159 238 -71 259 200 196 200 4 2.63 SAN537 DDH 734755 1292180 222 -71 259 203 143 159 16 2.76 SAN537 DDH 734755 1292180 222 -71 259 203 161 169 8 1.60 SAN538 DDH 734763 1292220 222 -79 252 193.75 136.75 138.75 2 2.24 SAN538 DDH 734763 1292220 222 -79 252 193.75 166.75 170.75 4 2.14 SAN539 DDH 734722 1292261 218 -86 270 185 124 134 10 3.48 SAN539 DDH 734722 1292261 218 -86 270 185 164 170 6 3.29 SAN540 DDH 734718 1292278 210 -80 135 193.75 132 188 56 4.97 SAN542 DDH 734585 1291652 166 -58 277 224 192 200 8 1.39 SAN543 DDH 734680 1291712 202 -75 300 202.5 171 175 4 1.35 SAN545 DDH 734724 1291960 273 -53 270 184 149 165 16 2.01 SAN547 DDH 734475 1291453 130 -66 270 261 216 220 4 1.53 SAN549 DDH 734457 1291468 157 -86 270 198 162 170 8 1.62 SAN550 DDH 734468 1291492 166 -83 0 209 168 176 8 1.85 SAN551 DDH 734509 1291490 207 -88 270 212 186 190 4 1.34 SAN552 DDH 734562 1291489 205 -72 270 260 227 235 8 1.84 SAN554 DDH 734465 1291514 177 -64 287 233 183 195 12 11.59 SAN556 DDH 734550 1291508 182 -68 270 280 239 249 10 2.05 SAN557 DDH 734628 1291510 289 -64 278 265 128 138 10 1.26 SAN558 DDH 734632 1291511 245 -64 270 282 242 244 2 9.67 SAN564 DDH 734532 1291690 209 -85 225 113 81 91 10 3.26 SAN600 DDH 734182 1292500 333 -56 263 599 481 493 12 1.01 RCX1000 RC 734770 1292240 240 206 -83 270 192 198 6 2.38 RCX1001 RC 734707 1292320 219 160 -72 270 78 114 36 6.14 RCX1002 RC 734713 1292360 238 156 -68 270 108 138 30 3.57 RCX1016 RC 734698 1292300 219 184 -90 0 114 140 26 1.83 RCX1017 RC 734572 1291720 259 120 -90 0 62 96 34 2.90 RCX1018 RC 734676 1291980 269 145 -90 0 72 92 20 2.14 RCX1019 RC 734540 1291720 232 105 -90 0 63 81 18 2.42 RCX1023 RC 734790 1291758 331 220 -68 270 190 194 4 1.40

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RCX1029 RC 734756 1292000 249 126 -60 270 10 24 14 3.68 RCX1030 RC 734734 1292020 241 135 -81 270 92 100 8 14.67 RCX1031 RC 734750 1292060 239 170 -83 270 136 140 4 17.25 RCX1031 RC 734750 1292060 239 170 -83 270 46 58 12 3.86 RCX1031 RC 734750 1292060 239 170 -83 270 38 44 6 2.28 RCX1033 RC 734774 1292189 229 180 -86 270 40 52 12 2.23 RCX1035 RC 734610 1291720 269 140 -90 0 94 110 16 2.71 RCX1036 RC 734625 1291761 269 110 -90 0 56 68 12 2.05 RCX1036 RC 734625 1291761 269 110 -90 0 24 26 2 1.16 RCX1037 RC 734490 1291540 289 200 -75 270 150 156 6 1.63 RCX1038 RC 734492 1291540 289 200 -86 270 84 94 10 1.64 RCX1039 RC 734426 1291586 235 200 -72 90 94 98 4 1.11 RCX1040 RC 734439 1291585 219 166 -56 90 104 116 12 4.52 RCX1041 RC 734493 1291540 289 204 -75 90 84 98 14 1.67 RCX1043 RC 734438 1291540 203 250 -60 270 149 165 16 5.26 RCX1045 RC 734012 1292160 328 70 -90 0 29 33 4 2.39 RCX1047 RC 734222 1292182 302 145 -68 270 66 72 6 8.22 RCX1047 RC 734222 1292182 302 145 -68 270 20 34 14 24.94 RCX1048 RC 734224 1292182 302 145 -74 282 26 30 4 11.83 RCX1049 RC 734227 1292182 302 170 -68 90 126 142 16 2.74 RCX1050 RC 734229 1292182 302 180 -56 90 128 154 26 9.67 RCX1051 RC 734040 1292200 328 100 -90 0 35 45 10 3.35 RCX1052 RC 734080 1292201 328 100 -90 0 58 60 2 2.89 RCX1054 RC 734343 1292280 287 190 -90 0 104 120 16 1.55 RCX1055 RC 734394 1292320 281 150 -90 0 86 102 16 1.75 RCX1058 RC 734453 1292380 276 140 -90 0 90 100 10 2.52 RCX1060 RC 734502 1292420 269 110 -56 90 94 98 4 1.98 RCX1064 RC 734115 1291680 324 100 -90 0 0 4 4 1.74 RCX1070 RC 734049 1292000 324 135 -55 90 10 20 10 8.70 RCX1074 RC 734056 1292100 320 240 -54 90 186 206 20 2.09 RCX1075 RC 734029 1291960 324 192 -56 90 28 32 4 7.15 RCX1076 RC 734044 1291980 324 47 -90 0 20 36 16 2.18 RCX1078 RC 734038 1292120 328 130 -90 0 32 36 4 3.76 RCX1079 RC 734070 1292120 318 90 -90 0 16 22 6 39.28 RCX1080 RC 733965 1292139 329 115 -90 0 33 45 12 1.26 RCX1081 RC 734082 1292138 316 90 -90 0 20 38 18 4.71 RCX1083 RC 734000 1292140 329 115 -90 0 38 44 6 3.42 RCX1085 RC 733985 1292078 330 60 -90 0 16 22 6 1.46 RCX1088 RC 734005 1292100 329 90 -90 0 7 13 6 1.07 RCX1089 RC 733996 1292121 328 130 -90 0 14 18 4 2.20 RCX1090 RC 734048 1292260 328 148 -90 0 83 87 4 2.67 RCX1091 RC 734306 1291785 189 99 -90 0 0 8 8 2.63 RCX1093 RC 734390 1291780 189 100 -90 0 0 16 16 2.19 RCX1094 RC 734263 1291880 189 100 -90 0 0 22 22 2.81 RCX1096 RC 734324 1291820 189 100 -90 0 0 22 22 1.03 RCX1098 RC 734343 1291880 189 100 -90 0 12 40 28 9.15 RCX1099 RC 734423 1291880 189 100 -90 0 0 22 22 4.92 RCX1104 RC 734245 1291455 289 190 -90 0 133 139 6 4.78 RCX1105 RC 734470 1291620 249 135 -56 270 90 108 18 3.14 RCX1106 RC 734045 1292181 329 110 -90 0 32 38 6 1.30 RCX1107 RC 734204 1291460 289 148 -90 0 14 20 6 1.35 RCX1108 RC 734749 1292280 242 210 -83 90 184 204 20 4.46 RCX1114 RC 734066 1291960 324 230 -54 90 114 118 4 1.31 RCX1115 RC 734087 1292300 328 120 -90 0 89 97 8 1.29 RCX1116 RC 734750 1292060 239 170 -83 90 138 148 10 3.63 RCX1117 RC 734795 1292180 229 155 -90 0 84 86 2 32.27 RCX1119 RC 733965 1292200 329 110 -90 0 73 81 8 2.13 RCX1120 RC 734020 1292200 329 100 -90 0 31 43 12 1.95 RCX1122 RC 733965 1292220 329 100 -90 0 81 89 8 3.12 RCX1124 RC 733972 1292160 329 100 -90 0 34 48 14 2.33 RCX1125 RC 734020 1292180 329 100 -90 0 67 75 8 2.51 RCX1126 RC 733970 1292160 329 137 -60 270 69 81 12 2.60 RCX1128 RC 733968 1292181 330 100 -90 0 66 72 6 2.08 RCX1130 RC 734060 1292200 328 86 -90 0 62 72 10 2.80 RCX1133 RC 734319 1291520 259 117.5 -90 0 100 114 14 2.27 RCX1135 RC 734299 1291520 259 52 -90 0 16 52 36 4.71

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REG003 DDH 733922 1290663 317 -70 270 533 396 400.4 4.4 60.29 REG004 DDH 734173 1290371 318 -70 270 530 273 276 3 3.03 REG008 DDH 734170 1290670 320 -70 270 551 114 120 6 0.67 REG012 DDH 733163 1292123 313 -70 90 500 393 396 3 3.11 REG013 DDH 733581 1290861 313 -70 90 500 365 369 4 1.13 REG016 DDH 733798 1290854 312 -70 90 533 275 282 7 1.89 REG017 DDH 734169 1293119 326 -70 270 503 15 17 2 1.14 REG018 DDH 734045 1290851 323 -70 90 503 394 399 5 1.23 REG019 DDH 732680 1292866 309 -70 90 500 340 354 14 0.85 REG020 DDH 734376 1290917 320 -60 280 650 46 57 11 1.8 REG020 DDH 734376 1290917 320 -60 280 650 452 455 3 1.11 REG021 DDH 732682 1293621 311 -70 90 503 60 62 2 1.02 REG022 DDH 733979 1290667 316 -70 270 842 476 478 2 2.17 REG031 DDH 733731 1290713 314 -70 90 500 426 429 3 1.12 REG036 DDH 732695 1294371 317 -70 45 504 472 474 2 2.27 REG039 DDH 732182 1294373 323 -70 45 512 392 409 17 0.58 REG041 DDH 733790 1290372 315 -70 270 560 423 429 6 1.25 REG052 DDH 732170 1296378 328 -70 90 500 181 190 9 0.92 REG067 DDH 730661 1298271 322 -60 90 500 98 106 8 0.6 REG069 DDH 731426 1301086 330 -60 90 503 363 365 2 0.95 REG077 DDH 730557 1303899 336 -65 90 500 372 382 10 0.54 REG080 DDH 734900 1289875 320 -65 90 500 104 106 2 1.56 MEX3 DDH 735043 1292301 325 -70 270 704 562 577 15 0.77 SAM001 DDH 733352 1292500 330 -55 85 650 283 285 2 18.84 SAM001 DDH 733352 1292500 330 -55 85 650 482 491 9 3.43 SAM002 DDH 733259 1292225 325 -49 84 600 536 548 12 1.31 SAM003 DDH 733390 1292485 331 -59 103 582 385 411 26 2.14 SAM004 DDH 733265 1292220 326 -61 83 600 256 259 3 1.18 SAM006 DDH 733433 1292485 332 -51 101 601.5 456 469 13 1.93 SAM007 DDH 733404 1292485 332 -56 103 531 394 400 6 2.9 SAM008 DDH 733544 1292570 330 -74 84 492 418 421 3 2.54 SAM009 DDH 733584 1292570 331 -73 83 517 344 359 15 4.72 SAM012 DDH 733284 1292345 330 -56 95 548 495 500 5 4.33 SAM014 DDH 733609 1292680 326 -70 85 620 363 385 22 1.91 SAM014D1 DDH 733609 1292680 326 -70 90 510 363 373 10 2.7 SAM014D2 DDH 733609 1292680 326 -70 90 511 462 468 6 4.01 SAM014D3 DDH 733609 1292680 326 -70 90 512 363 384 21 1.78 SAM017 DDH 733445 1292759 330 -60 85 593 490 493 3 4.82 SAM019 DDH 733604 1292870 332 -68 81 629 566 568 2 6.4 MEX3 DDH 735043 1292301 325 -70 270 704 562 577 15 0.77 WDD144 DDH 733972 1291033 361 -90 0 500 213 224 11 1.83 WDD156 DDH 734038 1291174 359 -90 0 461 369 371 2 0.67 WDD181 DDH 734210 1291452 291 -80 115 212 11 24 13 3.95 WDD185 DDH 734319 1291401 299 -70 115 311 193 197 4 2.16

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APPENDIX 3: MINERAL RESOURCE ESTIMATE - MORILA GOLD MINE, MALI

Tabulation of Mineral Resource above a 0.5g/t lower cut-off grade

Category Tonnes (Million tonnes)

Grade (g/t gold)

Contained Ounces Gold (Millions)

Inferred 32.0 1.26 1.30

Total 32.0 1.26 1.30

The Mineral Resource Estimate was completed using the following parameters:

• The Morila Resource extends over a strike length of 1200 metres and includes drilling up to 500 metres vertically below surface;

• The Morila orebody is developed within upper greenschist to amphibolite facies of pelitic and psammitic rocks. Their mineralogy is dominated by biotite (30%), plagioclase (30%) and quartz (30%). The package has been intruded to the southwest by a tonalite body similar in composition to the Morila sediments. The sediments have been locally metasomatised by the tonalite to produce a feldspar porphyroblastic texture.

• Gold mineralisation is predominantly associated with coarse arsenopyrite, occurring as individual grains on arsenopyrite grain boundaries or as intergrowths or as free gold in a silicate mineral matrix in the proximity of arsenopyrite grains. It is not uncommon for visible gold to be present. A small percentage of the gold occurs as inclusions within the sulphides and occasionally the gold is locked within silicate minerals (<5%). Arsenopyrite is by far the most dominant sulphide (80%) followed by lesser amounts of pyrrhotite (15%) and pyrite (5%).

• The Morila Deposit was drilled out on a 70m x 35m spacing initially utilising diamond core drilling, with infill completed in areas of interest resulting in an approximate data spacing of 30 metres x 30 metres. Subsequent Reverse Circulation (RC) drilling was completed at a 20m x 20m spacing. All available drillhole data was used to inform the resource model.

• RC drilling samples were generated via a face sampling hammer, collected by a rig mounted cyclone and split using a riffle. Diamond core drilling assays were on half NQ core, with HQ sized core drilled and sampled in the weathered profile .

• Samples were analysed at an accredited commercial laboratory located on site at Morila but operated by an independent third party (Analabs). Standard sample preparation techniques were used with a 50g sub sample fire assayed and the bead analysed by AAS. Where samples returned over 5g/t gold a second sub sample was fire assayed and finished with a gravimetric finish.

• Quality control protocols for all drilling included the use of certified reference materials (CRMs), blanks and duplicates are detailed in Appendix 3.

• All drillholes were surveyed using a differential GPS with an accuracy of <1m and coordinates recorded in UTM zone 29N Clarke 1880 spheroid and Point 58 Datum.

• Sperry-Sun, down-the-hole cameras were used for all diamond drillholes with azimuth and dip taken at 50m intervals to the base of the hole. Early RC drilling was vertical and not surveyed, whereas later RC drilling was surveyed using a Reflex EZ-Shot downhole camera.

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• Geological domains were constructed by combining geological interpretations by the Mine Geology team and grade boundaries created using a 0.7g/t cut-off grade. These were then refined using Indicator Kriging to form shells from which the block model was created.

• Block grades were estimated using interpolation of 2 metre composite data using an Ordinary Kriging method where grade control was the dominant dataset and were estimated using the Uniform Conditioning technique for all other blocks. Search ellipses were based upon grade continuity models, with search distances ranging from 30 to 100 metres along strike.

• A Datamine block model was used for the estimate with a block size of 10 metres X by 10 metres Y by 5 metres Z, based on selective mining units (SMU’s) in use during mining operations at Morila.

• Bulk density values used, in units of t/m3, were sourced from SG data measurements on core and classed as oxide (1.90), transitional (2.34) or fresh (2.78). These values were checked by various means including mill reconciliations and in-situ bulk density tests on ore blasts.

• The deposit has been classified as an Inferred Mineral Resource based on data quality and sample spacing.

• Further review and validation of the drillhole database is likely to result in an increase in confidence in the Mineral Resource, although confirmatory drilling may be required along with verification of the depletion of the resource (currently based on as mined pit surveys).

These notes should be read in conjunction with the information detailed in Appendix 4.

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APPENDIX 4: JORC CODE, 2012 EDITION – TABLE 1

EXPLORATION RESULTS AND MINERAL RESOURCES, MORILA GOLD MINE, MALI

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary

Sampling techniques

• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

• Aspects of the determination of mineralisation that are Material to the Public Report.

• In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

• Mineral Resources are based on diamond and reverse circulation (RC) drilling.

• Diamond drilling has been completed in phases and includes drilling prior to the commencement of mining (pre-2000) by Randgold, Placer Dome and Anglo American as well as additional infill drilling carried out during mining activities (2001, 2002, 2003, 2004, 2005, 2006, 2007 and 2008)

• For core drilling half core samples were collected for each metre with the entire sample crushed and pulverised at an external laboratory prior to sub sampling for assay

• RC drilling can be divided into three categories; campaign RC drilling, Advance Grade Control (AGC) and routine Grade Control (GC)

• For all RC drilling the entire sample was collected then split at the rig using riffle splitters to produce a sample of approximately 1/8th of the original volume

• Campaign RC drilling was sampled at 1m intervals, AGC drilling was sampled at 1.25m intervals and GC drilling at 2.5m intervals.

• The samples were submitted to an external laboratory where they were dried and pulverised before sub sampling for assay.

Drilling techniques

• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

• All diamond drilling was completed using conventional wireline diamond drilling techniques

• HQ drilling (63.5mm diameter) was undertaken in the weathered profile using double tube core barrels

• Once competent rock was encountered NQ (47.6mm) diameter drilling was used to continue the holes

• RC drilling can be divided into three categories; campaign RC drilling, Advance Grade Control (AGC) and routine Grade Control (GC).

• In all cases RC drilling was carried out using face sampling reverse circulation hammers

Drill sample recovery

• Method of recording and assessing core and chip sample recoveries and results assessed.

• Measures taken to maximise sample recovery and ensure representative nature of the samples.

• Whether a relationship exists between sample recovery and grade and whether

• Core recoveries were measured and reported to be excellent, rarely dropping below 100%

• RC recoveries were measured quantitatively • Early RC drilling was affected by water inflow due to

an elevated water table and less powerful drilling equipment. Recoveries are reported at 83% for dry

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sample bias may have occurred due to preferential loss/gain of fine/coarse material.

samples and 51% for wet samples, with up to 46% of samples being wet.

• Later RC drilling utilised booster packs to manage water ingress with the majority of samples being dry; consequently very good recoveries were reported.

• The impact of recoveries on grade in the early RC programmes was investigated but no conclusion could be reached as to whether a bias resulted. The areas drilled by the early RC programmes have now been mined out.

Logging • Whether core and chip samples have been

geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

• The total length and percentage of the relevant intersections logged.

• Core and chips were geologically logged in their entirety. The logs are sufficiently detailed to support Mineral Resource estimation. Logged criteria included lithology, alteration, alteration intensity, weathering, grainsize and sulphides.

• Geological logging is qualitative in nature although percentages of sulphides are estimated along with structural measurements.

Sub-sampling techniques and sample preparation

• If core, whether cut or sawn and whether quarter, half or all core taken.

• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

• For all sample types, the nature, quality and appropriateness of the sample preparation technique.

• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

• Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

• Whether sample sizes are appropriate to the grain size of the material being sampled.

• For core drilling core was split into halves using a diamond saw, unless soft in which case a chisel is used. The core was sampled at 1m intervals then placed in a cloth bag and submitted to an external laboratory.

• For RC drilling samples were riffle split at the rig after passing through a conventional cyclone. Most drilling used a 3-tier splitter except the first RC campaign (sample split 3 times through a 1 tier splitter) and the GC drilling (4 tier). However, all splitters reduced the original sample to a sample approximately 1/8 of the original volume. Wet samples were collected and dried in the sample shed before splitting.

• All techniques were appropriate for collecting statistically unbiassed samples.

• For both diamond drilling and RC drilling standards and blanks were inserted into the sample stream every 20 samples as the samples are collected to test the laboratory accuracy.

• Both duplicates (two aliquots of 50g from the same 200g sub sample) and replicates (two samples from the same raw sample) were used to test the laboratory precision (repeatability) and the homogeneity of the sample respectively.

Quality of assay data and laboratory tests

• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied

• Samples are analysed for gold at the Analabs Laboratory onsite at Morila, an accredited commercial laboratory. The laboratory is located on site but operated by an independent third party. Separate protocols were used for Exploration and Grade Control samples.

• Sample preparation comprised of the following: • drying all samples and crushing (for core

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and their derivation, etc. • Nature of quality control procedures

adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

samples) • Pulverise entire sample to 95% passing 75

microns (all samples)

• 50g pulp sub-sample extracted and fire assayed with the bead analysed by AAS

• Where samples returned >5g/t a second 50g sub-sample was extracted, fire assayed and finished with a gravimetric finish

• QA/QC programme comprises Certified Reference Materials, replicates, duplicates and blanks. Weekly meetings were held between lab and Morila team to discuss any QA/QC issues.

• •CRMs were inserted every 20 samples. 6 different standards sourced from Gannet and Rocklabs were submitted with the campaign RC and AGC drilling. Four different standards sourced from Gannet and Rocklabs were submitted with diamond core samples. Blanks were created by milling a commercially sourced barren material and submitting as a CRM.

• Replication (two samples from the same raw sample) and duplication (two aliquots from the same sub-sample) tests were also carried out by the laboratory

Verification of sampling and assaying

• The verification of significant intersections by either independent or alternative company personnel.

• The use of twinned holes. • Documentation of primary data, data entry

procedures, data verification, data storage (physical and electronic) protocols.

• Discuss any adjustment to assay data.

• All drilling and exploration data are stored in an Acquire database onsite. The Acquire database was created in August 2002 from Access databases in use at the time with all data validated on transfer into the Acquire database. Strict data validation rules were in place and any data which failed these rules was validated, manually corrected and then re-imported.

• Post 2002 data was imported under the same validation rules.

• Logging and sampling data are collected using datasheets and validated on completion of logging then on import into the database.

• Drilling and sampling procedures are well established and were regularly reviewed during the time that drilling was ongoing at Morila.

• QAQC reports were generated regularly to allow ongoing reviews of sample quality.

Location of data points

• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

• Specification of the grid system used. • Quality and adequacy of topographic

control.

• Drill hole collar positions were surveyed using a differential GPS with an accuracy of <1m.

• Sperry-Sun down-the-hole cameras were used for all diamond drillholes with azimuth and dip readings taken at 50m intervals to the base of the hole. Early RC drilling was vertical and not surveyed, whereas later RC drilling was surveyed using a Reflex EZ-Shot downhole camera. The AGC and GC holes were not surveyed.

• Coordinates are recorded in UTM zone 29N Clarke

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1880 spheroid and Point 58 Datum. • Topographic control was maintained by the Morila

mine survey department with a mixture of survey pickups and aerial data.

Data spacing and distribution

• Data spacing for reporting of Exploration Results.

• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

• Whether sample compositing has been applied.

• Diamond drilling was carried out at 70m x 35m spacing initially, with infill completed in areas of interest resulting in an approximate data spacing of 30m x 30m.

• Campaign, AGC and GC RC drilling were completed at a 20m x 20m spacing.

• The spacing is sufficient to establish grade and geological continuity and is appropriate for Mineral Resource and Ore Reserve estimation.

Orientation of data in relation to geological structure

• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

• Mineralisation comprises a relatively flat lying 300-400m wide zone trending NNE for at least 850m and located 70 - 130m below surface. Drilling is generally vertical, with some holes oriented at -70 degrees to the west. Due to the attitude of the orebody intersection angles on the mineralised zone are almost perpendicular. Mineralisation does steepen on the margins of the orebody due to shearing and faulting in these places.

• The relationship between drilling orientation and structural orientation is not thought to have introduced a sampling bias.

Sample security

• The measures taken to ensure sample security.

• Samples were delivered from the drilling site directly to the Analabs laboratory on site at Morila.

Audits or reviews

• The results of any audits or reviews of sampling techniques and data.

• Regular reviews of all aspects of the Morila operation were completed due to the ownership structure. In particular QA/QC data was reviewed annually to enable the annual Resources and Reserves Statement to be published. Morila reports that the Acquire drilling database was audited by Snowden in May 2003 and deemed acceptable.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)


Mineral tenement and land tenure status

• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

• The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

• The Morila Project comprises the Morila Lease (Decree number 99 217/PM-RM) and is owned by Morila SA, a Malian registered company with the following shareholding: Morila Limited (owned 50% by Barrick Gold and 50%, AngloGold Ashanti), and 20% held by the Malian Government.

Exploration done by other parties

• Acknowledgment and appraisal of exploration by other parties.

• Focused systematic regional exploration of the Morila area began in the mid 1980s. Soil anomalies were followed up in the early 1990s by BHP through limited diamond drilling which intersected ore grade mineralisation.

• Subsequent acquisition of the permit by Randgold Resources Ltd. in the late 1990s resulted in renewed exploration activity. Trenching was carried out across the oxide outcrop of the orebody with the “Discovery Trench” intersecting 8.90 g/t over 209 metres. This was followed by the completion of 178 diamond holes to define a maiden Mineral Resource.

• Based on a positive feasibility study, construction was initiated in mid 1999. Commissioning of the plant began on the 4th October 2000 and first gold was poured on 16th October 2000.

• AngloGold Ashanti became a JV partner in the project at the construction phase and was the manager of the operation until February 2008, when Randgold resumed operational responsibility for the project. Randgold was acquired by Barrick Gold in a US$6.5 billion transaction which completed in January 2019.

Geology • Deposit type, geological setting and style of

mineralisation. • The Morila permit is situated in the northern portion

of the West African craton between the NNE trending Birimian volcano-sedimentary belts of Kalana-Yanfolila and Syama. The region is underlain predominantly by Lower Proterozoic meta-volcanic and meta-sedimentary sequences ( Birimian) and large areas of granitoids. The whole package of rocks has been deformed by the Eburnean Orogeny. The permit area locates along a contact between Birimian metasediments and the Eburnean granitoids.

• The Morila orebody is developed within upper greenschist to amphibolite facies of pelitic and psammitic rocks. Their mineralogy is dominated by biotite (30%), plagioclase (30%) and quartz (30%).

• The package has been intruded to the southwest by a tonalite body. similar in composition to the Morila sediments. The sediments have been locally metasomatised by the tonalite to produce a feldspar

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Criteria JORC Code explanation Commentary porphyroblastic texture.

• Arsenopyrite is generally associated with mineralisation and is by far the most dominant sulphide (80%) followed by lesser amounts of pyrrhotite (15%) and pyrite (5%) The pyrrhotite is ubiquitous throughout the metasediments and occurs as irregular grains which often contain inclusions of chalcopyrite. It is not uncommon for visible gold to be present.

• Gold mineralisation is predominantly associated with coarse arsenopyrite, occurring as individual grains on arsenopyrite grain boundaries or as intergrowths or as free gold in a silicate mineral matrix in the proximity of arsenopyrite grains. A small percentage of the gold occurs as inclusions within the sulphides and occasionally the gold is locked within silicate minerals (<5%).

• Mineralisation is found in a relatively flat lying 300-400m wide zone trending NNE for at least 850m and located 70 - 130m from surface. Mineralisation does steepen on the margins of the orebody due to shearing and faulting in these places.

• Various theories have been derived for the genesis of mineralisation at Morila and a number of internal and academic studies have been completed and published. Most agree that the key factors influencing the location of mineralisation are competency contrasts in the host sediments (fine grained vs coarse grained), fluid and heat from proximal granitoids, and proximity to regional structures.

Drill hole Information

• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole

collar o elevation or RL (Reduced Level –

elevation above sea level in metres) of the drill hole collar

o dip and azimuth of the hole o down hole length and interception

depth o hole length.

• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

• All drill hole intersections are reported in Appendix 4.

Data aggregation methods

• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

• Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the

• All intersections have been weighted based on sample intervals, which are dominantly 1m in length.

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Criteria JORC Code explanation Commentary procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

• The assumptions used for any reporting of metal equivalent values should be clearly stated.

Relationship between mineralisation widths and intercept lengths

• These relationships are particularly important in the reporting of Exploration Results.

• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).

• Mineralisation is relatively flat lying with drilling being generally vertical, with some holes oriented -70 degrees to the west. Due to the attitude of the orebody intersection angles on the mineralised zone are almost perpendicular and therefore drill widths are a reasonable approximation of true width.

Diagrams • Appropriate maps and sections (with scales)

and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

• Appropriate maps and sections are provided in the text

Balanced reporting

• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

• All drill hole intersections are reported in Appendix 4

Other substantive exploration data

• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

• The Morila Project has been in operation since 2000 with exploration activities completed prior to that. As a consequence there is a large quantity of data including exploration data (geochemical and geophysical surveys, trenching, drilling), production data (grade control drilling, mining and processing), as well as associated data such as environmental and geotechnical, which will be used in the further evaluation of the project.

Further work • The nature and scale of planned further

work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).

• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

• As detailed in the text

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Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in the preceding section also apply to this section.)


Database integrity

• Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.

• Data validation procedures used.

• All drilling and exploration data are stored in an Acquire database onsite. Logging and sampling data are collected using datasheets and validated on completion of logging then on import into the database. Data was subsequently validated upon import into the modelling software

• The Competent Person has reviewed the database via import into Micromine and visual checks against the model.

Site visits • Comment on any site visits undertaken by

the Competent Person and the outcome of those visits.

• If no site visits have been undertaken indicate why this is the case.

• The Competent Person visited Morila in February 2020 and reviewed available material including drill data, sections, assay records and core as well as completing site and plant tours.

Geological interpretation

• Confidence in (or conversely, the uncertainty of ) the geological interpretation of the mineral deposit.

• Nature of the data used and of any assumptions made.

• The effect, if any, of alternative interpretations on Mineral Resource estimation.

• The use of geology in guiding and controlling Mineral Resource estimation.

• The factors affecting continuity both of grade and geology.

• The Morila deposit is an extensive studied deposit which has been drilled to a relatively closed spacing; as a consequence, the geological interpretation of the mineralisation envelope has a relatively high degree of confidence.

• The distribution of high grades within the mineralisation envelope is well mapped but is less well understood, despite the study. This is unlikely to affect the Mineral Resource estimation and is more of interest in targeting extensions to or repetitions of mineralisation.

• Mineralisation is bounded on the NW and E margins of the mineralised zone by faulting. Within the mineralised envelope there is good continuity of grade.

Dimensions • The extent and variability of the Mineral

Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.

• The Mineral Resource is 1200m along strike,900m across at its widest point and lies between 120m and 320m below surface (with the upper limit corresponding to the base of the mined pit which varies between 120m and 210m below surface). The dimensions of the mined pit are approximately 1100m x 700m.

Estimation and modelling techniques

• The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.

• The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.

• The resource model was produced using Datamine software based on 2m composites of the sampling data.

• The Morila mineralisation is characterised by abundant coarse and visible gold and exceptionally high-grade samples that commonly exceed 100g/t gold. Yearly review of the composited data demonstrates that there is good continuity in grades even in the higher grades which is confirmed by plant reconciliations. However, even though there are no real “outliers” in the global dataset, top cuts are used in the resource estimate for individual zones where the effect of a small number of high-

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• The assumptions made regarding recovery of by-products.

• Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterisation).

• In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

• Any assumptions behind modelling of selective mining units.

• Any assumptions about correlation between variables.

• Description of how the geological interpretation was used to control the resource estimates.

• Discussion of basis for using or not using grade cutting or capping.

• The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.

grade samples was apparent. • JORC compliant Mineral Resources were estimated

for Morila yearly from 2000 until 2015. All available resource models and reports have been reviewed. Modelling procedures and global resource estimates have remained largely consistent during this time, with most changes due to depletion by mining, changes in gold price/economics and additional data provided by grade control drilling. Modelling techniques changed from Uniform Conditioning to Ordinary Kriging over the period that Morila was in operation, with Ordinary Kriging used for areas where grade control drilling had been completed.

• Mineralisation zones were modelled as hard boundaries with search ranges and orientations determined for each zone with the aid of Kriging Optimisation.

• For areas where grade control drilling had been completed, grades were estimated into 10m x 10m x 5m blocks per kriging zone using Ordinary Kriging techniques inside wireframes generated using indicator methods. Search volumes ranged from 30m to 100m with ellipsoid searches used. For the remaining areas SMUs were estimated based on 30m x 30m x 10m blocks within each kriging zone in Isatis with recoverable resources calculated for each block and data converted to a Gaussian distribution by Gaussian anomorphosis modelling after which the uniform conditioning was calculated. An SMU of 10m x 10m x 5m was generally used based on operations at Morila. In more recent models, soft boundaries were used in certain kriging zones where additional sample information from adjacent zones was required or where the waste/ore contact was less well defined. Visual validation was completed and show reasonable correlation between estimated grades and drill sample grades.

• Top-cuts of 250g/t gold were applied, save for the vertical sulphide zone where a top-cut of 210g/t gold was applied and the MSZ zones where top cuts of 180g/t were used. These were based on reconciliations and aimed at improving the selectivity of the model.

• Reconciliation to production data was completed on a yearly basis to ensure that assumptions and modelling techniques remained appropriate and resulted in an acceptable resource estimate.

Moisture • Whether the tonnages are estimated on a

dry basis or with natural moisture, and the method of determination of the moisture content.

• Tonnages have been estimated on a dry in situ basis. No moisture values were reviewed, as moisture is not relevant in the geological setting.

Cut-off parameters

• The basis of the adopted cut-off grade(s) or quality parameters applied.

• The cut-off grade is based on historical cut off grades used at the Morila project, which were based on historical operating costs at the project while

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operational. Mining studies will be carried out to determine a more precise cut-off grade. Given the current gold price any cut-off grade based upon historical values is likely to be conservative.

Mining factors or assumptions

• Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.

• The resource model assumes open cut mining is utilised with a similar level of mining selectivity achieved as in previous mining. It is assumed that grade control techniques and procedures will mirror those which were successful during previous mining operations at Morila.

Metallurgical factors or assumptions

• The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.

• It is assumed that metallurgical recoveries will match those historically achieved through the processing plant at Morila.

Environmental factors or assumptions

• Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfield project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.

• No assumptions have been made regarding environmental factors. The Company will work to mitigate environmental impact as a result of any future mining or mineral processing.

Bulk density • Whether assumed or determined. If

assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.

• The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit.

• Discuss assumptions for bulk density

• Relative density measurements were completed on 4,161 samples of core taken at 5m downhole intervals for oxides and 10m intervals for sulphides. The core was divided into oxide, transitional and sulphide core. Relative density determinations on core used the weight in air/weight in water method.

• In-situ bulk density tests were carried out on each ore blast from 2002 onwards. The water displacement method was used.

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estimates used in the evaluation process of the different materials.

Classification • The basis for the classification of the

Mineral Resources into varying confidence categories.

• Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).

• Whether the result appropriately reflects the Competent Person’s view of the deposit.

• The resource for the Morila Deposit was classed as Inferred based on data quality and sample spacing.

• The input data is comprehensive in its coverage of the mineralisation and does not favour or misrepresent in situ mineralisation. The definition of mineralised zones is based on a good geological understanding producing a robust model of mineralised domains. This model has been confirmed by grade control, infill and extensional drilling which supports the mineralisation model. The data spacing was previously sufficient to support classification into higher confidence categories.

• The key factor requiring additional information is further review and validation of the drillhole database which is likely to include confirmatory drilling and verification of the depletion of the resource which is currently based on as mined pit surveys.

• The resource estimate appropriately reflects the view of the Competent Person, that the data quality and validation criteria, as well as the resource methodology and check procedures, are reliable and consistent with criteria as defined by the JORC Code.

Audits or reviews

• The results of any audits or reviews of Mineral Resource estimates.

• No audits or review of the Mineral Resource estimate has been conducted.

Discussion of relative accuracy/ confidence

• Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.

• The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.

• These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.

• The lode geometry and continuity has been interpreted in detail and could support a higher category of Mineral Resource.

• In general, the data quality is good with all drill holes being logged by qualified geologists and a recognized laboratory has been used for all analyses. However further validation of the extent of mining, key drillhole locations and downhole survey data will be required to attain a higher confidence category. In addition, reconciliation against production data can be used to provide greater confidence.

• The Mineral Resource statement relates to global estimates of tonnes and grade.

• The reconciliation with production data is acceptable.

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